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CAM, SAM act on JSW $744m buy of Odisha powerplant from GMR

JSW Energy has entered into exclusive discussions with GMR Energy Limited (GEL) for potential acquisition of its subsidiary, GMR Kamalanga Energy Limited (GKEL), which owns and operates a 1,050 MW (3x350 MW) thermal power plant in Odisha, for an enterprise value of ₹5,321 crore.

The Hindu

Cyril Amarchand Mangaldas advised JSW Energy Limited led by partner Ramanuj Kumar, with support from partner Manisha Kumar, senior associate Spoorthy M S. The due diligence team also included support from principal associate designate Pooja Chatterjee, and consultant Angira Chakraborty. The competition law team was led by partner Anshuman Sakle, with support from principal associate Kirthi Srinivas.

Shardul Amarchand Mangaldas advised GMR Energy Limited led by a team of national practice head, projects and infrastructure, partner Jatin Aneja, partner Siddhartha Sen, principal associate Kushal Sinha, senior associate Dhrupad Pant, associate Simran Kaur and associate Rishabh Chaudhary.

JSW Energy (Purchaser) has executed a share purchase agreement with GMR Energy Limited (GEL) and GMR Kamalanga Energy Limited (Company) to acquire 100% of the equity share capital of the Company. The Company, which is a subsidiary of GEL, owns, operates, and maintains a 1,050 megawatts coal fired thermal power plant, consisting of three operational units of 350 megawatts each and a fourth unit of 350 megawatts under construction, located in Dhenkanal, Odisha, according to CAM.


Deal value: INR 5321 Crores; USD 741 million

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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