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Last Updated : May 21, 2020 12:17 PM IST | Source: Moneycontrol.com

Coronavirus impact: JSW Energy puts GMR Kamalanga Energy deal on hold

In February, the company had said that it will acquire the 1050 MW of highly indebted GMR Group's unit Kamalanga project based in Odisha for Rs 5,321 crore.

 
 
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Three months after announcing the deal, JSW Energy has held its plan to acquire GMR Kamalanga Energy, referring to uncertainties arising due to coronavirus pandemic, as per a report by The Economic Times.

Prashant Jain, chief executive, JSW Energy said, "For time being we are putting this deal on hold due to lot of doubt in the sector."

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Jain added, "We had entered into a definitive agreement which was subject to certain conditions, fulfillment of these conditions are on hold because of uncertainties and the deal would be revisited once things normalise."

In February, the company had said that it will acquire the 1050 MW of highly indebted GMR Group's unit Kamalanga project based in Odisha for Rs 5,321 crore.

The deal would have helped GMR pare debt, and would have added more capacity to JSW's portfolio.

JSW Energy reported 28-fold jump in its consolidated net profit to Rs 108.44 crore for the fourth quarter ended March, mainly due to lower expenses.

The company's consolidated net profit attributable to owners of the company was Rs 3.87 crore in the same quarter previous fiscal, the firm said in a statement.

According to the statement, total income stood Rs 1,847.65 crore in the quarter as compared to Rs 2,018.16 crore a year ago.

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First Published on May 21, 2020 09:14 am
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