JSW Energy calls off deal to acquire Jindal Steel power plant
JSW Energy, led by billionaire industrialist Sajjan Jindal, has terminated a business agreement signed three years ago with Naveen Jindal-led Jindal Steel and PowerNSE -0.46 % to acquire its 1,000 megawatt thermal power plant in Chhattisgarh.
On May 3, 2016 JSW EnergyNSE 0.70 % had agreed to acquire the 1,000 MW (4×250 MW) thermal power plant located in Raigarh district for Rs 6,500 crore. The company was expected to pay at least Rs 4,000 crore, excluding net current assets, and an additional Rs 2,500 crore following the completion of the deal.
The deal was expected to be completed by June 30, 2018 but the companies failed to finalise it. The deadline was later extended by one year.
