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JSW Energy scraps Rs 5,321 cr deal to acquire GMR Kamalanga Energy

Friday, 31 Jul 2020
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JSW Energy has terminated plans to acquire GMR Kamalanga Energy five months after announcing the deal, citing uncertainties in the wake of COVID-19 pandemic and subsequent lockdown.

JSW Energy had announced in February 2020 its plans to buy the 1,050 MW Kamalanga Thermal Power Project located in Odisha for Rs 5,321 crore from the GMR Group.

The long stop date for the proposed acquisition of 100 percent stake in GMR Kamalanga Energy from GMR Energy has elapsed. Given the continued uncertainty due to the pandemic, the parties have mutually agreed to terminate the said transaction.

 
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