JSW Energy to acquire 300 MW thermal plant in Chhattisgarh
JSW Energy Limited has signed a definitive agreement with Kolahai Infotech Private Limited and SFI Parcel Services Private Limited to acquire 100% equity shares of Maruti Clean Coal and Power Limited (MCCPL), which owns and operates a 300 MW thermal power plant at Korba in Chhattisgarh. The transaction is subject to regulatory approvals and customary closing conditions. Upon completion, MCCPL will become a wholly owned subsidiary of JSW Energy.
The acquisition values MCCPL at an enterprise value of around Rs 1,410 crore, subject to customary closing adjustments. According to JSW Energy, the acquired asset generated estimated earnings before interest, taxes, depreciation and amortisation (EBITDA) of around Rs 279 crore during FY26. The company stated that the transaction is expected to be EBITDA- and profit after tax (PAT)-accretive while also reducing net leverage and strengthening overall balance sheet resilience.
Power sale arrangements
The Korba-based thermal power plant has a mix of long-term contracted and merchant power sales. Rajasthan discoms, through PTC India, account for 195 MW net capacity under a power purchase agreement (PPA) with a residual tenure of around 14 years.
In addition, the Chhattisgarh discom receives 5% of the plant’s generation at variable cost, while around 64 MW capacity is exposed to the merchant market. The combination of contracted and merchant capacity provides both revenue visibility and exposure to short-term market opportunities.
Fuel security and synergies
Coal supply for the project is secured through a long-term fuel supply agreement with SELC as well as linkage under the Scheme for Harnessing and Allocating Koyala Transparently in India (SHAKTI).
JSW Energy stated that the acquisition also offers potential operational benefits because of the plant’s proximity to its existing Mahanadi thermal power plant. The company expects opportunities for optimisation in logistics, operations, and maintenance costs, while strengthening its thermal generation presence in the region.
Impact on thermal portfolio
Following the acquisition, JSW Energy’s installed thermal generation capacity will increase from 5,658 MW to 5,958 MW. The company’s thermal capacity under construction at Salboni remains unchanged at 3,200 MW, while its brownfield thermal expansion pipeline at Mahanadi stands at 1,800 MW.
Post-acquisition, JSW Energy’s total locked-in thermal capacity will rise to 10,958 MW, further expanding its conventional generation portfolio alongside its renewable energy and storage businesses.
Management commentary
Sharad Mahendra, Joint Managing Director and Chief Executive Officer (CEO) of JSW Energy, stated that the transaction reflects the company’s disciplined “Build vs. Buy” approach focused on value-accretive inorganic opportunities.
According to him, MCCPL is an operational asset expected to contribute to earnings and cash flows from the first day after acquisition. He added that the transaction strengthens the company’s thermal portfolio while supporting India’s growing electricity demand and energy security requirements.
JSW Energy currently has total locked-in generation capacity of 32.1 GW, comprising 13.9 GW operational capacity, 13.6 GW under construction, and a 4.6 GW pipeline. The company also has 29.6 GWh of locked-in energy storage capacity, including 26.4 GWh from hydro pumped storage projects and 3.2 GWh from battery energy storage systems (BESS).
The company has set targets of achieving 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030, along with carbon neutrality by 2050.
The featured photograph is for representation only.
