Automobile News

JSW Energy cancels deal to buy JPVL’s 500 MW Bina plant

JSW Energy cancels deal to buy JPVL’s 500 MW Bina plant

New Delhi: Sajjan Jindal-led JSW Energy on Monday said its deal with Jaiprakash Power Ventures to acquire 500 MW Bina thermal power plant is terminated following lapse of time for completion of the transaction on Sunday.

“With the elapsing of the Long Stop Date, the proposed acquisition of the Bina project stands terminated,” JSW Energy said in BSE filing on Monday.

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 500MW (2×250 MW) thermal power plant located at Bina, District Sagar in Madhya Pradesh from Jaiprakash Power Ventures Ltd (JPVL) at at base enterprise value of Rs 2,700 crore.

PTI