JSW Energy completes KSK Mahanadi Power acquisition

It now holds 74% of KMPCL’s equity shares.

JSW Energy Limited has completed its acquisition of KSK Mahanadi Power Company Limited (KMPCL), making KMPCL a subsidiary of the former.

In a bourse filing, JSW Energy said will hold 74% of KMPCL’s equity shares of KMPCL and the secured financial creditors collectively hold 26%.

KMPCL has a 3,600 megawatt (MW) thermal power plant in Chhattisgarh. Presently, 1,800 MW (600 MW x 3 units) is operational, with a remaining plant life of around 15 years. Majority of its generation is under long and medium-term power purchase agreements.

The remaining 1,800 MW (600 MW x 3 units) is under construction, of which one unit (600 MW) is 40% completed and the balance of the plant is in place for the entire 3,600 MW.

The transaction values the asset for the resolution amount of INR 16,084 crore for KMPCL. This is the largest acquisition of a thermal power asset under the IBC process in India.

“With the completion of this transaction and the organic capacity additions of wind so far in the quarter, the company has achieved 10,200 MW operational capacity surpassing the 10 GW milestone before FY2025,” JSW Energy said.

It now operates 5,308 MW of thermal power plants whilst 350 MW capacity at JSW Energy (Utkal) in Odisha has been synchronised and is awaiting commissioning.

JSW Energy aims for 20 gigawatts of generation capacity and 40 gigawatt-hours of energy storage capacity before 2030.