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JSW Energy scraps deal to buy GMR plant

Five months after it inked an agreement to acquire GMR’s power plant in Odisha for Rs 5,321 crore, JSW Energy said it has terminated the deal due to uncertainties triggered by Covid-19. This is one of the first merger and acquisition transactions involving domestic consolidation that has been scrapped due to the pandemic.JSW Energy said that with the elapsing of long stop date, the two parties have mutually agreed to terminate the transaction. The development pushes JSW Energy and GMR Group back to square one — for JSW in terms of its expansion play, and for GMR in terms of its debt pile.JSW Energy had said in February that the acquisition of GMR’s 1,050MW thermal power plant would increase its total electricity generation capacity to 5,609.....

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