JSW in exclusive talks with GMR Energy to acquire 1050 MW Kamalanga coal-based power project in Dhenkanal

JSW Energy Ltd has entered into exclusive talks with GMR Energy Ltd for buying out its thermal power plant Kamalanga.

Located in Dhenkanal district of Odisha, Kamalanga is a 1050 megawatt (MW) coal based power plant that has fuel linkages with Mahanadi Coal Fields, one of the major coal producing subsidiaries of Coal India Ltd. The plant is strategically located close to the coal belt and has a 15% untied capacity to benefit from the merchant market. The plant also has a long term power purchase agreement with Grid Corporation of Odisha, Uttar Haryana Bijli Vitran Nigam, as well as Bihar State Electricity Board.

GMR Energy held 87.42% stake in the power plant, while 10.21% was held by India Infrastructure Fund (IIF), a fund managed by IDFC Project Equity Company, and 2.37% stake by IDFC.

The companies did not disclose the valuation for the asset.