Covid-19 impact: JSW Energy puts GMR Kamalanga acquisition on hold
Sajjan Jindal-promoted JSW Energy on Wednesday said it had put the acquisition of GMR Kamalanga on hold. The company cited the on-going uncertainty as the reason.
In February, JSW Energy said it would acquire GMR’s Kamalanga power project (1,050 Mw) in Odisha for Rs 5,321 crore. In February, in a notice to exchanges, JSW said it had entered into a ‘share purchase agreement’ with GMR Energy for acquiring 100 per cent shares in its subsidiary GMR Kamalanga Energy.
“The transaction has been put on hold given the ongoing uncertainty and will be revisited once the situation normalizes,” JSW Energy said in a press statement on Wednesday. Kamalanga is one the 36 identified stressed power assets that was undergoing debt resolution.
