JSW Energy has called off the ₹5,321-crore deal to acquire GMR’s Kamalanga Energy Ltd.
“With the elapsing of the long stop date, both parties have mutually agreed to terminate the transaction, given continued uncertainty due to the Covid-19 pandemic,” JSW Energy said in a statement.
JSW Energy had announced the proposed acquisition in October. GMR Kamalanga Energy Ltd is a subsidiary of GMR Energy Ltd and operates a 1,050-MW thermal plant in Odisha. However, in May the company had said that the acquisition has been put on hold due to the uncertainty brought about by Covid-19.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.