JSW Energy has completed the acquisition of Ind-Barath Energy (Utkal) through the debt resolution process by paying Rs 1,047.60 crore. The Sajjan Jindal-led company in July had received approval from the Hyderabad bench of the National Company Law Tribunal for its resolution plan.

Share Market Live

NSE

After the acquisition, the JSW Group company holds 95 percent equity shares of Ind-Barath Energy (Utkal) Ltd. and the secured financial creditors collectively hold the balance 5 percent, as per the terms of the resolution plan.

Ind-Barath Energy (Utkal) Limited owns a 700 MW thermal power plant located at Jharsuguda district of Odisha. One unit of 350 MW of the plant got commissioned in 2016 but has been non-operational since then due to financial stress. The second unit is yet to be commissioned.

JSW Energy has set a target to reach 10 GW capacity by financial year 2025 and 20 GW capacity by financial year 2030. The company mentioned that the acquisition of Utkal would help it in achieving its capacity growth target of 10 GW well ahead of time. This would also expand the company’s presence in the Eastern Region of the country and further diversify its fuel mix and offtake arrangements.

JSW Energy has also set a target of a 50 percent reduction in its carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy.

Its subsidiary, JSW ReNew Energy Two Ltd., early this month commissioned a 27 MW wind energy generation capacity in Tuticorin, Tamil Nadu, as part of the first phase of its 450 MW wind project. This is the company’s first greenfield wind power project to be commissioned.

Shares of JSW Energy ended 0.9 percent higher at Rs 286.50.