Covid-19 Impact: JSW Energy terminates Rs 5,321 cr deal to acquire GMR Kamalanga Energy
MUMBAI: JSW Energy NSE 0.11 % has terminated plans to acquire GMR Kamalanga Energy five months after announcing the deal, citing uncertainties in the wake of the Covid-19 pandemic and subsequent lockdown.
The Sajjan Jindal-led utility had announced in February its plans to buy the 1,050 megawatts (mw) Kamalanga project located in Odisha for Rs 5,321 crore from the highly indebted GMR Group.
“The long stop date for the proposed acquisition of 100% stake in GMR Kamalanga Energy from GMR Energy has elapsed. Given the continued uncertainty due to Covid-19 pandemic, the parties have mutually agreed to terminate the said transaction,” JSW notified bourses on Friday.
