Sajjan Jindal-led JSW EnergyNSE 0.61 % has put on hold its plan to acquire GMR Kamalanga Energy three months after announcing the deal in February due to the ongoing uncertainty due to the Covid-19 pandemic and the subsequent lockdown.
JSW Energy had said that it will buy the 1,050 mw-Kamalanga power project located in Odisha for Rs 5,321 crore from the highly indebted GMR Group. The deal would have helped GMR pare debt, and added capacity to JSW’s portfolio.
“We are putting this deal on hold for the time being because there are a lot of uncertainties in the sector. We had entered into a definitive agreement which was subject to certain conditions, the fulfillment of these conditions are on hold because of uncertainties,” Prashant Jain, joint managing director and chief executive officer told ET.
