Companies

Covid-19 impact: JSW Energy calls off deal to acquire GMR’s Odisha power plant

Our Bureau Mumbai | Updated on July 31, 2020 Published on July 31, 2020

JSW Energy logo

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.

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Published on July 31, 2020
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