M&A

M&A

Jindal Power to acquire Apraava Energy’s Jhajjar power plant for Rs.4,000-Cr

Economic Times  

Jindal Power Ltd (JPL) is to acquire the 1,350 MW Jhajjar Power Project in Haryana from Apraava Energy for an estimated deal value of INR 4,000 crore. Axis Capital and HSBC served as advisors to Apraava in the sale process. The proposed transaction also encompasses Apraava Renewable Energy Pvt Ltd and Kohima-Mariani Transmission Ltd, both subsidiaries of Apraava Energy.Apraava is jointly owned by Hong Kong-based CLP Group and Canadian pension fund CDPQ.The Jhajjar Power Project, commissioned in 2012 in Jhajjar, was developed with an investment of approximately USD 1.2 Billion. It supplies 90% of its electricity to Haryana utilities. Apraava Energy’s total portfolio consists of 3,000 MW of both fossil fuel and renewable power assets.For the Jindal Group, this acquisition substantially expands its operational thermal power portfolio, adding to its existing 4,300 MW capacity located in Chhattisgarh, Maharashtra, and Andhra Pradesh.