The Competition Commission of India on Tuesday cleared JSW Energy's proposal to acquire KSK Mahanadi Power Company. "The proposed transaction involves the acquisition of 100% shareholding in KMPCL (which is currently undergoing CIRP initiated under the Insolvency and Bankruptcy Code, 2016), by JSWEL (through JSW Thermal)," the regulator said in a release.
JSW Energy Ltd., a listed company, through its subsidiaries is engaged in power generation, power transmission, power trading, coal mining, and power equipment manufacturing.
Incorporated in 2009, KSK Mahanadi Power Co. Ltd. owns a 3,600 MW thermal power plant located in Chhattisgarh.
KMPCL is undergoing the Corporate Insolvency Resolution Process.
JSW Thermal Energy One Ltd (JSW Thermal) is a newly formed wholly owned subsidiary of JSWEL.
In January this year, JSW Energy said it has emerged as a successful applicant to acquire KSK Mahanadi Power Company, which owns 3,600 MW thermal power plants, under insolvency proceedings.
Presently, 1,800 MW (600 MW x 3 units) is operational, which is 95% tied up under long and medium-term power purchase agreements.
An additional 1,800 MW (600 MW x 3 units) is under construction out of which one unit (600 MW) is 40% completed, and the balance of the plant is in place for the remaining 1,200 MW.
The plant has a firm arrangement for water and coal transportation for the entire 3,600 MW.
Subsequent to this, the company's total locked-in thermal generation capacity stands at 7.5 GW, and the total locked-in generation capacity stands at 28.2 GW. This positions JSW Energy to achieve its target of 20 GW significantly before 2030.
In a separate release, CCI said it has approved the proposed acquisition of 100 per cent equity share capital of Raj Petro Specialities Pvt Ltd. by Shell Deutschland GmbH and Shell Overseas Investments.
Shell Plc is the ultimate parent company of the Shell Group of companies. Shell Group is a global energy and petrochemical major, active in oil and gas exploration, production, manufacturing, marketing and shipping of oil products and chemicals, as well as renewable energy products.
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