JSW Energy is showing a lot of action today; rising almost 3.5% to an intraday high at Rs.321.95, the stock continues to currently trade around these same levels. Its 52-week high is at Rs.408.70.
The company announced today morning that JSW Neo Energy, a wholly-owned subsidiary, has agreed to acquire a portfolio of 1,753 MW of Renewable Energy generation capacity from Mytrah Energy (India).
This comprises of 17 SPVs and 1 Ancillary SPV and together in FY22, their revenue stood at Rs.1467 crore. Necessary definitive agreements have been signed between the parties.
Upon consummation of the transaction, the said 18 subsidiaries of MEIPL would become subsidiaries of JSWNEL and step-down subsidiaries of the company.
The acquisition would help JSW Energy in achieving its renewable-led capacity growth target of 10 GW by FY 2025, well ahead of time.
The transaction is expected to be completed by 15th November, 2022 and is for an Enterprise Value of Rs.10,531 crores, to be paid via cash consideration.