JSW Energy to acquire Maruti Clean Coal & Power for ₹1,410 crore
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Acquisition of 300 MW Korba thermal plant to boost JSW Energy’s earnings from year one and lift installed thermal capacity to 5,958 MW.
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The JSW Energy plant in Ratnagiri. | Credits: Photo Courtesy: JSW
JSW Energy has signed a definitive agreement to acquire 100% equity shares of Maruti Clean Coal & Power Ltd (MCCPL) for an enterprise value of around ₹1,410 crore, subject to regulatory and customary approvals.
MCCPL owns and operates a 300 MW thermal power plant in Korba, Chhattisgarh. Once the transaction closes, it will become a wholly owned subsidiary of JSW Energy.
The plant has a long-term power purchase agreement for 195 MW (net) with Rajasthan discoms through PTC India, with around 14 years remaining. It also supplies 5% power at variable cost to the Chhattisgarh discom, while the remaining capacity of about 64 MW is sold in the merchant market. Coal is sourced through a long-term fuel supply agreement with SECL and a linkage under the SHAKTI scheme.
The company said the asset is expected to generate EBITDA of about ₹279 crore in FY26 and will add to earnings from the first year.
Thermal capacity to rise to 5,958 MW
Sharad Mahendra, joint managing director and CEO of JSW Energy, said the acquisition is in line with the company's approach of pursuing opportunities where buying assets makes more sense than building new ones. "This acquisition reflects our disciplined 'Build vs. Buy' approach, where we pursue calibrated value-accretive inorganic opportunities. MCCPL has an operating asset that is earnings accretive from day one, strengthening both our thermal portfolio and our cash flows. As we fortify our thermal generation capacity, we remain proud to play our part in powering India's growth and supporting the nation's energy security," he said.
Following the acquisition, JSW Energy's installed thermal capacity will increase from 5,658 MW to 5,958 MW. Including projects under construction and planned expansions, its locked-in thermal capacity will rise to 10,958 MW.
JSW Energy currently has a locked-in generation capacity of 32.1 GW, including 13.9 GW operational and 13.6 GW under construction across thermal, hydro and renewable assets. The company has set a target of reaching 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030.
