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JSW Energy defers plan to acquire GMR Kamalanga Energy

Thursday, 21 May 2020

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JSW Energy has put on hold its plan to acquire GMR Kamalanga Energy three months after announcing the deal, citing uncertainties in the wake of the COVID-19 pandemic and subsequent lockdown.

JSW Energy had in February 2020 announced that it will buy the 1,050 MW Kamalanga project located in Odisha for Rs 5,321 crore from the GMR Group.

The two companies had entered into a definitive agreement which was subject to certain conditions, but the fulfilment of these conditions is on hold because of uncertainties. The company will revisit the deal once things normalise.