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JSW Energy has cleared a key hurdle in expanding its infrastructure network by securing creditor approval to acquire Raigarh Champa Rail Infrastructure, currently under insolvency. This follows the company's earlier acquisition of KSK Mahanadi Power Company Ltd, a 3,600 MW thermal power plant in Chhattisgarh, for INR 16,084 crore. The acquisition of RCRIPL will strengthen JSW Energy's control over coal transportation for KMPCL. The transaction has received a Letter of Intent, but its completion depends on approval from the National Company Law Tribunal.
JSW Energy has received approval from the creditors of Raigarh Champa Rail Infrastructure Private Limited (RCRIPL) for its proposal to take over the debt-laden company, which is currently under the corporate insolvency process. Advertisement
Earlier this year, JSW Energy acquired KSK Mahanadi Power Company Ltd (KMPCL), a 3,600 MW thermal power plant in Chhattisgarh, for INR 16,084 crore through insolvency proceedings. Following this acquisition, the company gained significant indirect ownership in RCRIPL, which serves as the exclusive provider of rail infrastructure for coal transportation to KMPCL.
In an exchange filing, JSW Energy stated that the resolution plan it submitted for RCRIPL under the insolvency process has been approved by the Committee of Creditors. The company also received a Letter of Intent from the Resolution Professional recently.
The final closure of this acquisition is contingent on receiving approval from the National Company Law Tribunal (NCLT), which will be the last step in formalizing the transaction.
Source PTI
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