Energy

JSW Energy likely to buy GMR's Odisha power plant for Rs 5,200 crore, says report

Updated : October 08, 2019 10:10 AM IST

The GMR subsidiary operates a 1,050 megawatt (Mw) power plant in Odisha, the report said.

Although the companies have not disclosed the valuation for the assets, the report said that it is likely to be valued at Rs 5,200 crore.

JSW Energy is in exclusive talks with GMR Energy to buy the latter's Odisha power plant for Rs 5,200 crore, reported Business Standard, citing people privy to the development. The GMR subsidiary operates a 1,050 megawatt (Mw) power plant in Odisha, the report said.

“We wish to inform you that JSW Energy has entered into exclusive discussions with GMR Energy for a potential acquisition of its subsidiary, GMR Kamalanga Energy," JSW said in its statement to the BSE.

“Both parties intend to conclude these discussions in an expeditious manner,” the statement added. The companies, however, have not disclosed the valuation for the asset.

If the deal is concluded, it will be JSW Energy's first power acquisition after four years. In 2015, it had acquired two hydropower assets from Jaiprakash Power Ventures for Rs 9,700 crore.