JSW Energy has terminated talks with Jaiprakash Power Ventures to acquire its 500 MW thermal power plant at Bina in Madhya Pradesh as the seller could not meet certain criteria mentioned in the agreement.
In July 2016, JSW Energy signed a binding agreement with Jaiprakash Power Ventures to acquire 500 MW (250x2 MW) power plant for ₹2,700 crore provided the later fulfils certain conditions mentioned in the agreement by September 2016.
With Jaiprakash Power unable to meet the agreed obligation, the agreement was extended to December 2017.
On Monday, JSW Energy informed that it is calling off the talks.
JSW Energy has been on an acquisition spree.
In May 2016, it announced the purchase of Jindal Steel & Power-owned 1,000-MW thermal power plant in Chhattisgarh for ₹4,000 crore, which could be increased to ₹6,500 crore, if the seller manages to get 100 per cent fuel supply and long-term power purchase agreements.
Power assetsIn September 2015, JSW Energy had acquired two hydropower assets of Manoj Gaur’s debt-ridden Jaiprakash Power Ventures for ₹9,700 crore in a deal that was the largest ever in the power sector.
Currently, Sajjan Jindal-owned JSW Energy operates 4,531 MW (Thermal — 3,140 MW and Hydel — 1,391 MW) of power generation capacity with the vision to achieve 10,000 MW in capacity by 2020.