Sajjan Jindal-backed JSW Energy on Friday said it has terminated its Rs 5,321 crore deal to acquire GMR Kamalanga Energy due to Covid-19 related uncertainties.
“With elapsing of long stop date, both parties have mutually agreed to terminate the transaction given continued uncertainty due to Covid-19 pandemic,” JSW Energy said in BSE filing on Friday.
In May, the sale of GMR Energy’s entire stake in GMR Kamalanga Energy Ltd to JSW Energy was put on hold due to Covid-19 outbreak.
In February, JSW Energy had signed a share purchase agreement to acquire 100 per cent of GMR Kamalanga Energy, which owns and operates a 1,050 MW (3×350 MW) thermal power plant in Odisha, for Rs 5,321 crore (subject to working capital and other adjustments).
