JSW Energy in talks to acquire GMR Kamalanga Energy
JSW EnergyNSE 2.58 % led by billionaire industrialist Sajjan Jindal on Monday reported entering into exclusive discussions with GMR Energy Limited for a potential acquisition of its subsidiary GMR Kamalanga Energy.
“Both parties intend to conclude these discussions in an expeditious manner,” it said in a brief statement without giving further details.
GMR Kamalanga Energy has a 1,050 megawatt (3 x 350 MW) operational coal-based power plant located at Kamalanga Village in Dhenkanal district of Orissa. The plant is strategically located close to the coal belt and has 15 per cent untied capacity to take advantage of the merchant market.
It has fuel linkages with Mahanadi Coal Fields, a subsidiary of Coal India Ltd, and a long-term power purchase agreement with Grid Corporation of Odisha, Uttar Haryana Bijli Vitran Nigam as well as Bihar State Electricity Board.
