Sajjan Jindal-led JSW Energy on 4th May 2016 announced to acquire Jindal Steel and Power Ltd's 1,000MW power plant in Raigarh, Chhattisgarh for Rs 6,500 crore.
• The deal was inked between both the firms on 3rd May, is expected to be completed by June 30, 2018.
• The enterprise value of the deal is Rs 4,000 crore.
• It will be increased to Rs 6,500 crore.
• The transaction also contemplates payment of an interest bearing advance of Rs 500 crore pursuant to the receipt of approvals from the shareholders of JSW Energy and JSPL and the fair trade regulator CCI, it added.
• JSPL board has approved to divest the 1,000MW power unit of its subsidiary Jindal Power Ltd (JPL) into a special purpose vehicle (SPV).
• JPL, a subsidiary of JSPL, has a 4x250 MW plant in Raigarh and a 2,400 MW thermal plant in Tamnar, Chhattisgarh.