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JSW Energy calls off deal to buy JPVL's 500 Megawatt Bina plant

Power News - Published on Wed, 03 Jan 2018

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Economic Times reported that Sajjan Jindal led JSW Energy deal with Jaiprakash Power Ventures to acquire 500 MW Bina thermal power plant is terminated following lapse of time for completion of the transaction. JSW Energy said in BSE filing that "With the elapsing of the Long Stop Date, the proposed acquisition of the Bina project stands terminated.”

JSW Energy further said that the consummation of this transaction was subject to fulfilment of certain conditions precedent.

In May, 2017, JSW Energy had informed BSE that the Long Stop Date (i.e. the indicative time period for completion of the acquisition) was extended from May 31, 2017 to December 31, 2017.

In July, 2016, JSW Energy had informed BSE about the company agreeing to acquire the 500 MW (2x250 MW) thermal power plant located at Bina, District Sagar in Madhya Pradesh from Jaiprakash Power Ventures Ltd at at base enterprise value of INR 2,700 crore.

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Posted By : Nanda Koijam on Wed, 03 Jan 2018
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