The Competition Commission of India has approved the proposed acquisition of 100 per cent shareholding in KSK Mahanadi Power Company by JSW Energy.

JSW Energy (JSWEL) is a public listed company having established its presence across the value chains of the power sector with diversified assets in power generation, transmission and trading with strong operations, robust corporate governance and prudential capital allocation. Presently, JSWEL (through its subsidiaries) is engaged in power generation, power transmission, power trading, coal mining, and power equipment manufacturing.

JSW Thermal Energy One (JSW Thermal) is a newly formed wholly owned subsidiary of JSWEL, incorporated in October 2024 for the purposes of facilitating the Proposed Transaction. JSW Thermal currently does not have any business activities of its own.

KSK Mahanadi Power Company (KMPCL) was incorporated in 2009 and is involved in the business of generation and sale of power. Currently, KMPCL is generating and supplying power through its thermal power plant of 6 x 600 MW situated at Janjgir- Champa District, Chhattisgarh. Currently KMPCL is undergoing the Corporate Insolvency Resolution Process (CIRP).

The Proposed Transaction involves the acquisition of 100 per cent shareholding in KMPCL (which is currently undergoing CIRP initiated under the Insolvency and Bankruptcy Code, 2016), by JSWEL (through JSW Thermal) (Proposed Combination).

News source: PIB