JSW Energy Limited on Friday signed a definitive agreement to acquire 100% equity shares of Maruti Clean Coal and Power Limited (MCCPL), which owns and operates a 300 MW thermal power plant in Korba, Chhattisgarh, for an enterprise value of approximately Rs 1,410 crore, it said in an exchange filing.
The sellers are Kolahai Infotech Private Limited and SFI Parcel Services Private Limited. Upon completion, MCCPL will become a wholly-owned subsidiary of JSW Energy.
Plant runs on 14-year PPA with Rajasthan discoms, coal secured under SHAKTI
MCCPL’s plant sells 195 MW (net) under a long-term Power Purchase Agreement with Rajasthan discoms routed through PTC India, with approximately 14 years of residual PPA life. It supplies 5% power at variable cost to the Chhattisgarh discom and sells the remaining approximately 64 MW in the merchant market. Coal is secured through a long-term Fuel Supply Agreement with SECL and linkage under the SHAKTI scheme.
The asset posted revenue from operations of Rs 787 crore (unaudited) in FY 2025-26 and an estimated EBITDA of approximately Rs 279 crore. JSW Energy said the acquisition is EBITDA and PAT-accretive and will reduce net leverage.
Acquisition takes JSW Energy’s locked-in thermal capacity to 10,958 MW
JSW Energy currently operates 5,658 MW of installed thermal capacity, with 3,200 MW under construction at Salboni and 1,800 MW in pipeline for brownfield expansion at Mahanadi. Post-closure, installed thermal capacity will rise to 5,958 MW and total locked-in thermal capacity will reach 10,958 MW.
Deal to close by July 31, pending Chhattisgarh government and lender approvals
The company’s overall locked-in generation capacity stands at 32.1 GW across thermal, hydro, and renewables. The acquisition supports its target of 30 GW total capacity by FY 2030.
Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said the deal reflects the company’s “disciplined ‘Build vs. Buy’ approach” and that MCCPL is “an operating asset that is earnings accretive from day one.”
