JSW in talks with PEs, foreign banks for Mytrah Energy acquisition

The JSW group has initiated talks with several private equity (PE) funds, including American investment management firm Apollo Global Management, to acquire its renewable power producer, Mytrah Energy (India) Pvt Ltd (MEIPL).

The firm’s acquisition amount will be announced next month, banking sources said. The current enterprise valuation is $2 billion. JSW group’s JSW Energy has a target to add 15 gigawatt (Gw) of renewables in its portfolio with an investment of $10 billion by 2030. Mytrah has a portfolio of wind and solar power projects with a capacity of 1.8 Gw. MEIPL is a subsidiary of Bindu Vayu (Mauritius), which is fully owned by Mytrah Energy (MEL). MEL was earlier listed on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange. Its main promoter, Ravi Kailas, chairman of Mytrah Group, holds 93 per cent of shares in MEL.