Sajjan Jindal’s JSW Energy is reportedly in advanced talks with GMR Energy Limited for the acquisition of its subsidiary, GMR Kamalanga Energy. Following the announcement, JSW Energy shares rose 2% intraday. Its stock price was reported to be Rs 60.00, up by Rs 0.65 or 1.10%on the BSE at 1415 hours IST. Financial details of the deal were not disclosed. For the record, GMR Kamalanga Energy has an operational 1,050 megawatt coal-based power plant of located in Kamalanga Village in Odisha’s Dhenkanal district. Evidently, the plant has been strategically set up close to the coal belt and has an untied capacity of 15% to take advantage of the thermal power market. Sources familiar with the development mentioned that the power plant also has a long-term power purchase agreement with the Grid Corporation of Odisha, the Bihar State Electricity Board, and the Uttar Haryana Bijli Vitran Nigam. The power plant also has fuel ties with Coal India Ltd’s subsidiary, Mahanadi Coal Fields. JSW Energy evidently produces 4,541 MW of power annually which includes 3,140 MW of thermal, 1,391 MW of hydropower, and 10 MW of solar power. In August, the company evidently witnessed a 6.6% rise in its consolidated net profit to Rs 244 crore in the second quarter compared to Rs. 229 in the year-on-year period. Also Read: India’s H-Energy partners with Novatek to boost LNG trade in Asia The JSW Energy board of directors have allegedly approved the raising of long-term funds of up to Rs 2500 crores via issuance of redeemable non-convertible debentures through a private placement. The finance committee is supposedly yet to finalize matters relating to the proposed issue of debentures, which includes finalization and approval of detailed terms of the issue, sources claimed. As of June 30, JSW Energy’s consolidated net debt and consolidated net worth were Rs 10,221 crore and Rs 11,928 crore respectively, leading to a net debt-to-equity ratio of 1:0.86. In July, JSW Energy had reportedly terminated its business agreement with Jindal Steel and Power signed three years ago to purchase its Chhattisgarh-based 1,000 MW thermal power plant. Source Credits –