Sajjan Jindal is readying a war chest to buy out stressed assets in the power sector. Shareholders of Jindal-promoted JSW Energy Ltd on Thursday voted to give the company board the power to raise up to Rs21,000 crore through various securities. In the last three years, JSW Energy had completed the acquisitions of two hydropower projects from Jaiprakash Power for Rs9,275 crore. It had also reached an agreement to acquire the latter’s thermal power plant at Bina (which is expected to be complete by December). Despite structural challenges such as threats from renewable power and fewer power purchase agreements, JSW Energy is being seen as a logical buyer for thermal assets.

Source: Mint July 13, 2017 19:18 UTC