JSW in talks with PE funds to fund Mytrah Energy buy

The JSW group has initiated talks with private equity funds including Apollo Global Management, to fund its acquisition of renewable power producer, Mytrah Energy (India) Pvt Ltd (MEIPL). The current enterprise valuation of the target is USD 2 billion. Mytrah has a portfolio of wind and solar power projects with a capacity of 1.8 Gw. MEIPL is a subsidiary of Bindu Vayu (Mauritius), which is fully owned by Mytrah Energy (MEL). MEL was earlier listed on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange. Its main promoter, Ravi Kailas, chairman of Mytrah Group, holds 93% of shares in MEL. JSW Energy targets to add 15 gigawatt (Gw) of renewables in its portfolio with an investment of USD 10 billion by 2030.