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JSW Energy has completed the payment of Rs 16,084 crore to creditors of the 1800 MW KSK Mahanadi thermal power company, implementing the resolution plan way ahead of its May end deadline.
Banks and asset reconstruction companies received the cash earlier on Friday morning, after the distribution was completed, bringing an end to a five-year-long process to find a buyer for the distressed power producer. “All creditors received their share which is a welcome relief before the end of the fiscal year as this amount will directly go into the bottom line as provision write backs. JSW honoured its word and paid well before the deadline which is a refreshing change for creditors who are used to receiving their money only at the fag end of the deadline post the court order,” said a person aware of the details.
This acquisition is JSW Energy’s third major power sector acquisition. It had acquired the 700 MW Ind Barath Energy (Utkal), in December 2022 for Rs 1,048 crore, and 1753 MW renewable energy company Mytrah Energy for around Rs 10,150 crore. KSK Mahanadi, located in Chhattisgarh, operates three coal-based units of 600 MW each, with potential to double capacity.
For the JSW Group this is the third acquisition through the bankruptcy process after earlier acquiring Bhushan Power & Steel (March 2021) and National Steel & Agro Industries (May 2023).
JSW Energy confirmed the completion of the deal through a stock market notice late on Thursday night. “The resolution amount of Rs 16,084 crores has been paid. Accordingly, the company holds 74% equity shares of KSK Mahanadi Power Company and the secured financial creditors collectively hold the balance 26%, as per the terms of the resolution plan. Consequent to the above, KSK Mahanadi Power Company has become a subsidiary of the company,” JSW Energy said.
Bankers said the company has financed the acquisition through short term loans currently which will be eventually refinanced. “The loans are of a short tenure from banks. It is expected that more banks will join as the tenure is elongated later. JSW wanted to complete the acquisition quickly so as to take control of the plant which is currently an operating facility,” said a second person aware of the details.
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JSW Energy has successfully completed the acquisition of the 1800 MW KSK Mahanadi thermal power company by paying Rs 16,084 crore to creditors ahead of the deadline.
- Updated On Mar 8, 2025 at 09:08 AM IST
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JSW Energy has completed the payment of Rs 16,084 crore to creditors of the 1800 MW KSK Mahanadi thermal power company, implementing the resolution plan way ahead of its May end deadline.
Banks and asset reconstruction companies received the cash earlier on Friday morning, after the distribution was completed, bringing an end to a five-year-long process to find a buyer for the distressed power producer. “All creditors received their share which is a welcome relief before the end of the fiscal year as this amount will directly go into the bottom line as provision write backs. JSW honoured its word and paid well before the deadline which is a refreshing change for creditors who are used to receiving their money only at the fag end of the deadline post the court order,” said a person aware of the details.
This acquisition is JSW Energy’s third major power sector acquisition. It had acquired the 700 MW Ind Barath Energy (Utkal), in December 2022 for Rs 1,048 crore, and 1753 MW renewable energy company Mytrah Energy for around Rs 10,150 crore. KSK Mahanadi, located in Chhattisgarh, operates three coal-based units of 600 MW each, with potential to double capacity.For the JSW Group this is the third acquisition through the bankruptcy process after earlier acquiring Bhushan Power & Steel (March 2021) and National Steel & Agro Industries (May 2023).
JSW Energy confirmed the completion of the deal through a stock market notice late on Thursday night. “The resolution amount of Rs 16,084 crores has been paid. Accordingly, the company holds 74% equity shares of KSK Mahanadi Power Company and the secured financial creditors collectively hold the balance 26%, as per the terms of the resolution plan. Consequent to the above, KSK Mahanadi Power Company has become a subsidiary of the company,” JSW Energy said.
Bankers said the company has financed the acquisition through short term loans currently which will be eventually refinanced. “The loans are of a short tenure from banks. It is expected that more banks will join as the tenure is elongated later. JSW wanted to complete the acquisition quickly so as to take control of the plant which is currently an operating facility,” said a second person aware of the details.
- Published On Mar 8, 2025 at 09:06 AM IST