JSW Energy in talks to buy GMR’s Odisha power plant for undisclosed sum
JSW Energy and GMR Infrastructure have entered into exclusive talks for the sale of GMR’s Odisha power plant, the two companies informed the exchanges on Monday.
The companies did not disclose the valuation for the asset, but people privy to the development said the power asset is valued at Rs 5,200 crore.
“We wish to inform you that JSW Energy has entered into exclusive discussions with GMR Energy for potential acquisition of its subsidiary, GMR Kamalanga Energy,” JSW said in its statement to the BSE. The GMR subsidiary operates a 1,050 megawatt (Mw) power plant in Odisha. “Both parties intend to conclude these discussions in an expeditious manner,” the statement said.
If concluded, JSW Energy will make a power acquisition after four years. In 2015, JSW Energy bought two hydro power assets from Jaiprakash Power Ventures for Rs 9,700 crore.
