JSW Energy agrees to acquire the 500 MW thermal Power Project

The board of directors of Jaiprakash Power Limited have approved the transfer of the 500 MW( 2X250 MW) thermal power project located at Bina,District Sagar in the state of MP, with coal linkage, into the Target SPV as a going concern through a scheme of arrangement under Section 391 - 394 of Companies Act, 1956.

 

Subsequent to the receipt of shareholders and other statutory approvals , the scheme of arrangement being made effective and subject to fulfilment of condition precedent by the parties, other terms and conditions agreed between JSW Energy and JVPL. JSW Energy proposed to acquire 100% of the securities of the Target SPV held by JPVL, and other shareholders.

 

The consideration payable by JSW Energy is linked to a base enterprise value of Rs. 2,700 Crore for 500 MW thermal power project at Bina, subject to mutually agree adjustments.

 

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