JSW Energy Limited cancelled the acquisition of GMR Kamalanga Energy Limited from GMR Energy Limited, India Infrastructure Fund managed by IDFC Infrastructure and IDFC First Bank Limited.
The transaction shall be subject to customary regulatory and other approvals. The transaction requires approval from Competition Commission of India (CCI), approvals from GMR Kamalanga Energy lenders, approval from power purchase agreement beneficiary state of Haryana i.e. Uttar Haryana Bijli Vitran Nigam Limited, Dakshin Haryana Bijli Vitran Nigam Limited and PTC India Limited and approval from Industrial Development Corporation of Odisha (IDCO). As on April 7, 2020, Competition Commission of India approved this transaction. The transaction is expected to be completed in 90 days from the execution date of share purchase agreement subject to fulfillment of conditions precedent. As on May 20, 2020, the transaction has been put on hold given the ongoing uncertainty and will be revisited once the situation normalizes. GMR Infrastructure Limited, parent of GMR Energy will use the sale proceeds to reduce the indebtedness.
JSW Energy Limited (BSE:533148) cancelled the acquisition of GMR Kamalanga Energy Limited from GMR Energy Limited, India Infrastructure Fund managed by IDFC Infrastructure and IDFC First Bank Limited (BSE:539437) on July 31, 2020. The long stop date for the proposed acquisition has elapsed. Given the continued uncertainty due to Covid19 pandemic, the parties have mutually agreed to terminate the said transaction.