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JSW Energy shelves plan to buy GMR unit

JSW Energy has put on hold its plan to acquire GMR Kamalanga Energy three months after announcing the deal, citing uncertainties in the wake of the Covid-19 pandemic and subsequent lockdown.“We are putting this deal on hold for the time being because there are a lot of uncertainties in the sector,” said Prashant Jain, chief executive, JSW Energy.The Sajjan Jindal group power generator in February said it will buy the 1,050 mw Kamalanga project located in Odisha for Rs 5,321 crore from the highly indebted GMR Group. “We had entered into a definitive agreement which was subject to certain conditions…fulfilment of these conditions are on hold because of uncertainties,” Jain told ET. He said the deal would be revisited “once things normalise.”G.....

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