M&A

M&A

Jindal Power to buy Simhapuri power plant for Rs.300-Cr

Economic Times  

Jindal Power (JPL), a subsidiary of Jindal Steel & Power, is set to acquire Simhapuri Energy's 600 MW power plant that runs on imported coal. JPL will acquire the power plant in Andhra Pradesh's Nellore district for around INR 300 crore. Simhapuri Energy is currently under liquidation. JPL will acquire the asset and is planning to operate it by importing coal from Indonesia and Africa. Simhapuri Energy had taken secured loans of INR 2,474 crore from a consortium of 19 banks, led by State Bank of India and Canara Bank. It defaulted on debt of INR 636 crore with an overdue interest of INR 308 crore. SBI took it to court in 2020.