Minority shareholders block JSW Energy’s related party transaction proposal

Mumbai: A Rs 9,000-crore related party transaction proposed by JSW Energy NSE -2.02 % was blocked by minority shareholders at the company’s annual general meeting (AGM) this month because the deal reportedly benefitted JSW Group companies and the promoters, but not the minority owners.

The company wanted to procure coal from JSW International Trade Corp, a Singapore-based trading company that routes coal imports for JSW Group companies from Indonesia, South Africa, Australia and Mozambique. However, this proposal tripped as 70% of the minority investors, led by institutions, voted against it.