New Delhi: Sajjan Jindal-led JSW Energy Ltd on Monday said that the company has called off its plan to acquire 500 megawatt (MW) Bina thermal power plant from Jaiprakash Power Ventures Ltd following lapse of time for completion of the transaction.
“With the elapsing of the Long Stop Date, the proposed acquisition of the Bina project stands terminated,” JSW Energy said in BSE filing. JSW Energy further said that the consummation of this transaction was subject to fulfilment of certain conditions precedent.
In May, 2017, JSW Energy had informed BSE that the long stop date (i.e. the indicative time period for completion of the acquisition) was extended from 31 May 2017 to 31 December 2017.
In July 2016, the company had informed BSE about the company agreeing to acquire the 500MW (2x250 MW) thermal power plant located at Bina, district Sagar in Madhya Pradesh from Jaiprakash Power Ventures at base enterprise value of Rs2,700 crore.
On Monday, JSW Energy shares ended 1.35% lower at Rs91.05 on BSE, while the Sensex closed 0.72% lower at 33,812.75 points.