JSW Energy to acquire O2 Power in a Rs 12,468 crore deal

JSW Neo Energy, a subsidiary of JSW Energy, has signed an agreement to acquire a 4,696 MW renewable energy platform from O2 Power Pooling Pte. Ltd, a joint venture between EQT Infrastructure and Temasek, for an enterprise valuation of nearly Rs 12,468 crore ($1.47 billion). The acquisition values the platform at an enterprise level, adjusted for net current assets, and is subject to regulatory clearances. The renewable energy platform has a capacity of 4,696 MW, with 2,259 MW operational, 1,463 MW under construction, and an additional 974 MW in the pipeline by 2027. The acquisition will increase JSW Energy’s locked-in generation capacity by 23%, from 20,012 MW to 24,708 MW. In separate news, UltraTech, the country’s largest cement manufacturer, has acquired an 8.69% stake in Star Cement for Rs 851 crore. Star Cement has a production capacity of 5.7 million tonne per annum and plans to expand to 9.7 million tonne per annum by 2025-26 and 12 million tonne per annum by 2027.