JSW Energy cancels deal to buy JPVL's 500-Mw Bina plant

JSW Energy said the consummation of the transaction was not possible due to  lapse of time for completion of the transaction

JSW Energy cancels deal to buy JPVL's 500-Mw Bina plant
Earlier, JSW Energy had informed the BSE that it agreed to buy the power plant at an enterprise value of Rs 2,700 crore. Image source: Reuters
By PTI
Updated: Mon, Jan 01, 2018
05:21 pm
PTI
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Sajjan Jindal-led JSW Energy today said its deal with Jaiprakash Power Ventures to acquire 500-MW Bina thermal power plant is terminated following lapse of time for completion of the transaction yesterday.
"With the elapsing of the Long Stop Date, the proposed acquisition of the Bina project stands terminated," JSW Energy said in BSE filing today.
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 May 31, 2017 to December 31, 2017.
In July, 2016, JSW Energy had informed BSE about the company agreeing to acquire the 500 MW (2x250 MW) thermal power plant located at Bina, District Sagar in Madhya Pradesh from Jaiprakash Power Ventures Ltd (JPVL) at base enterprise value of Rs 2,700 crore.