NTPC acquires Jhabua Power
This will bring the IPP’s total installed capacity to over 70GW.
India’s largest independent power producer NTPC acquired Jhabua Power Limited through the Corporate Insolvency Resolution Process, which would support its long-term capacity goals.
In a statement, NTPC said Jhabua Power has an operational thermal power capacity of 1 x 600MW in Seoni, Madhya Pradesh. The acquisition brings NTPC’s total installed capacity to 70, 064 megawatts.
“With a target set to achieve installed capacity of 130 GW by 2032 from a diversified portfolio, NTPC has been exploring various opportunities for capacity expansion through both organic and inorganic routes,” it said.
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NTPC said it signed a shareholders agreement with JPL and Secured Financial Creditors. Under the resolution plan, the IPP offered a 50% stake in JPL to the secured financial creditors whilst it maintained management rights and control over the company.
The resolution process was led by the National Company Law Tribunal (NCLT) in Kolkata, the first time NTPC went through the tribunal to acquire a power asset.
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