JSW Energy Ltd has signed a definitive agreement to acquire 100 percent equity in Maruti Clean Coal and Power Limited (MCCPL) for an enterprise value of ₹1,410 crore.
The acquisition, announced under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements, is subject to regulatory approvals and customary closing conditions. The long stop date for completion has been fixed at July 31, 2026.
Shares of JSW Energy were last trading at ₹565.05, up 0.97 percent from the previous close of ₹559.60. The company has a market capitalisation of ₹1.04 lakh crore and trades at a price-to-earnings ratio of 37.5.
Acquisition details
JSW Energy will acquire MCCPL from:
- Kolahai Infotech Private Limited
- SFI Parcel Services Private Limited
The transaction will be completed entirely in cash.
According to the company, the deal is not a related-party transaction.
Korba plant has 300 MW capacity
MCCPL owns and operates a 300 MW thermal power plant at Korba, Chhattisgarh.
The plant has:
- 195 MW net contracted capacity
- Around 14 years of residual PPA life
- Long-term power supply arrangements with Rajasthan discoms through PTC India
- Coal linkage under the SHAKTI scheme
- Fuel supply agreement with South Eastern Coalfields Limited
Apart from the contracted capacity:
- About 5 percent of power is supplied to the Chhattisgarh state distribution company at variable cost.
- Around 64 MW is sold in the merchant market.
Valuation and financial profile
The acquisition values the asset at roughly 5 times FY26 EBITDA.
MCCPL’s estimated FY26 EBITDA stands at ₹279 crore.
Revenue from operations has remained largely stable over the past three years:
- FY24: ₹789 crore
- FY25: ₹754 crore
- FY26 (unaudited): ₹787 crore
The company said the asset offers predictable cash flows, supported by long-term contracts.
Approvals required
The transaction will require:
- Approval from the Government of Chhattisgarh for the transfer of CSIDC land.
- Consent from the target company’s lenders.
MCCPL was incorporated on March 8, 1999, and has been operating the Korba plant since then.
Advisors involved in the transaction include:
- Khaitan & Co – legal advisor
- BDO India – financial and tax due diligence
- Roots Legal – land due diligence
After completion, MCCPL will become a wholly owned subsidiary of JSW Energy.
Supports 30 GW capacity target
The acquisition is part of JSW Energy’s plan to reach 30 GW of generation capacity by FY30.
Current capacity position:
- Operational capacity: 13.9 GW
- Capacity under construction: 13.6 GW
- Pipeline projects: 4.6 GW
- Total locked-in capacity: 32.1 GW
Thermal portfolio expands
JSW Energy currently has:
- Installed thermal capacity of 5,658 MW
- 3,200 MW under construction at Salboni, West Bengal
- 1,800 MW brownfield expansion planned at Mahanadi
Following the acquisition, installed thermal capacity will increase to 5,958 MW, while total installed and locked-in thermal capacity will rise to 10,958 MW.
The Korba plant is located near the company’s Mahanadi thermal complex in Chhattisgarh, which could create operational synergies.
Borrowings rose in FY25
Consolidated borrowings increased to ₹50,185 crore in FY25, from ₹31,573 crore in FY24.
The company said the acquisition would help reduce net leverage, though investors are likely to track the impact on the balance sheet after the deal closes.
Energy storage business
JSW Energy has locked in 29.6 GWh of energy storage capacity through:
- Battery energy storage systems (BESS)
- Pumped hydro projects
The company has also set a target of achieving carbon neutrality by 2050.
About the company
JSW Energy, part of the JSW Group, operates thermal, hydro, wind and solar assets across India.
Apart from power generation, the company is expanding in energy storage and sells electricity through:
- Long-term PPAs
- Merchant markets
- Short-term contracts
TL;DR
JSW Energy has agreed to acquire Maruti Clean Coal and Power Limited for ₹1,410 crore. The deal will add a 300 MW thermal plant in Korba, Chhattisgarh, with long-term power purchase agreements and supports the company’s target of reaching 30 GW of generation capacity by FY30.
AI Summary
- JSW Energy will acquire MCCPL for ₹1,410 crore.
- The deal adds a 300 MW thermal plant in Korba.
- Around 195 MW capacity is tied to long-term PPAs.
- The acquisition values the asset at about 5x FY26 EBITDA.
- Installed thermal capacity will increase to 5,958 MW after completion.
