JSW Energy exits Ind-Barath deal

MUMBAI:

JSW Energy

on Tuesday terminated its Rs 1,000-crore offer for the bankrupt

Ind-Barath

Energy, citing ‘material adverse change’ (

MAC

) event. This is the second M&A that JSW

Energy

has terminated since the Covid outbreak.


In July 2020, JSW Energy had terminated its Rs 5,321-crore deal to acquire GMR’s Odisha

thermal power

plant.

In October 2019, JSW Energy submitted a resolution plan for Ind-Barath, which owns a 700MW under-construction thermal

power

unit in Odisha. In 11 days, JSW Energy was informed that its plan was accepted by Ind-Barath’s creditors and the resolution professional subsequently filed an application with the company law tribunal seeking its nod.

On Tuesday, JSW Energy in a regulatory filing, said in the intervening period of more than 15 months since the submission of its offer, an MAC event has occurred, which allows the company to terminate its offer. Accordingly, JSW Energy served an MAC notice to Ind-Barath’s resolution professional and creditors committee, thereby terminatinating the offer.