Generation at JSW Energy Ltd.'s power plants fell in the quarter ended December on the back of lower sales and offtake by distribution companies, according to its Joint Managing Director and Chief Executive Officer Prashant Jain.
A third factor contributed, too. “There was a higher backdown by the distribution companies,” Jain told BloombergQuint. Backdown is when generators are instructed to curtail power production due to factors such as grid overcapacity.
Production, as a result, fell by nearly 10 percent sequentially, the Sajjan Jindal-led company said.
The company, meanwhile, said in a statement that it has completed debt restructuring with Jaiprakash Power Ventures Ltd., following which it acquired 5 percent equity stake in JPVL. Commenting on the deal, Jain said that there was an outstanding amount of Rs 752 crore, of which Rs 352 crore was converted to equity.
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