JSW Energy has signed a definitive agreement to acquire 100% equity shares of Maruti Clean Coal & Power Limited (MCCPL), which owns and operates a 300 MW thermal power plant in Chhattisgarh. This acquisition, valued at an enterprise value of approximately ₹1,410 crore, is subject to regulatory approvals and aims to bolster JSW Energy’s thermal portfolio and support its target of reaching 30 GW capacity by FY 2030. The transaction is expected to close by July 31, 2026.
Strategic Acquisition to Enhance Thermal Capacity
JSW Energy Limited has announced a significant step towards strengthening its thermal power generation capacity with the signing of a definitive agreement to acquire 100% equity shares of Maruti Clean Coal & Power Limited (MCCPL). MCCPL is the owner and operator of a 300 MW thermal power plant located in Korba, Chhattisgarh.
Deal Rationale and Financials
The acquisition, valued at an enterprise value of approximately ₹1,410 crore, is subject to the necessary regulatory and customary approvals. This move aligns with JSW Energy’s strategic goal of expanding its thermal generation capacity, contributing to its target of achieving 30 GW of total power generation capacity by FY 2030. The acquired asset is expected to be EBITDA and PAT-accretive, reduce the company’s net leverage, and enhance overall balance sheet resilience. The estimated EBITDA for FY26 for the acquired asset is approximately ₹279 crore.
Operational Synergies and Future Outlook
MCCPL operates a 300 MW plant with a long-term Power Purchase Agreement (PPA) for 195 MW (net) with Rajasthan discoms, routed through PTC India, with a residual PPA life of approximately 14 years. An additional 5% power is supplied to the Chhattisgarh discom at variable cost, with the remaining capacity sold in the merchant market. The plant secures its coal through a long-term Fuel Supply Agreement with SECL and linkage under the SHAKTI scheme. The proximity of this asset to JSW Energy’s Mahanadi thermal plant is expected to unlock further operational synergies and strengthen the company’s regional thermal footprint.
Transaction Timeline
The transaction has a Long Stop Date of July 31, 2026, and is contingent upon the fulfillment of conditions precedent outlined in the definitive agreement. Upon completion, MCCPL will become a wholly-owned subsidiary of JSW Energy.
About JSW Energy’s Portfolio Expansion
JSW Energy currently operates a thermal capacity of 5,658 MW, with an additional 3,200 MW under construction and a pipeline of 1,800 MW for brownfield expansion. Post-acquisition and construction, the company’s total installed and locked-in thermal capacity is projected to reach 5,958 MW and 10,958 MW, respectively. The company’s broader vision includes achieving 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030, alongside carbon neutrality by 2050.
Key Advisors
For this transaction, Khaitan & Co served as the legal advisor, BDO India conducted financial and tax due diligence, and Roots Legal managed the land due diligence for JSW Energy.
Source: BSE
