Synopsis:- Signing a definitive agreement to acquire 100% of the equity in Maruti Clean Coal and Power Limited from Kolahai Infotech Private Limited and SFI Parcel Services Private Limited for an enterprise value of Rs. 1,410 crore, JSW Energy picks up an operating 300 MW thermal power plant at Korba, Chhattisgarh, backed by a long-term PPA with roughly 14 years of residual life and priced at approximately 5x FY26 EBITDA.
A definitive acquisition agreement brought a leading private-sector power producer into focus on Friday, as the company disclosed plans to purchase all outstanding equity in Maruti Clean Coal and Power Limited for an enterprise value of approximately Rs. 1,410 crore. The transaction, disclosed under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements, is subject to regulatory approvals and customary closing conditions, with a Long Stop Date of 31 July 2026.
With a market capitalization of Rs. 1,03,600.94 crore, the shares of JSW Energy Limited were last quoted at Rs. 565.05 per share, up 0.97 percent from its previous close of Rs.559.60. The stock trades at a P/E of 37.50.
JSW Energy has agreed to buy out Kolahai Infotech Private Limited and SFI Parcel Services Private Limited, the current shareholders of MCCPL, through an all-cash transaction. The enterprise value of Rs. 1,410 crore is stated as adjusted for cash and subject to closing adjustments per the definitive agreement. The filing confirms this is not a related-party transaction.
MCCPL owns and operates a 300 MW thermal power plant at Korba in Chhattisgarh, a state with well-established coal-belt infrastructure. The plant’s contracted capacity of 195 MW (net) is tied to Rajasthan discoms through a power purchase agreement routed via PTC India, with a residual PPA life of roughly 14 years. An additional 5 percent of power goes to the Chhattisgarh state distribution company at variable cost, while the remaining approximately 64 MW is sold in the merchant market. Coal supply is secured through a long-term fuel supply agreement with South Eastern Coalfields Limited and linkage under the SHAKTI scheme, which limits fuel procurement risk.
The deal is priced against an estimated FY26 EBITDA of Rs. 279 crore, implying a purchase multiple of roughly 5x. That is a modest entry price for an operating thermal asset with more than 60 percent of capacity under long-term contracted revenues. MCCPL’s revenue from operations has held steady across the past three financial years: Rs. 789 crore in FY2023-24, Rs. 754 crore in FY2024-25, and Rs. 787 crore in FY2025-26 (unaudited). The flat revenue trajectory signals that this asset’s investment case rests on cash flow predictability rather than organic volume growth.
The transaction requires approval from the Government of Chhattisgarh for the transfer of CSIDC (Chhattisgarh State Industrial Development Corporation) land, in addition to consent from the target’s existing lenders. MCCPL was incorporated in India on 8 March 1999 under the Companies Act, 1956 and has operated the Korba plant continuously since. Legal advisory was handled by Khaitan & Co, financial and tax due diligence by BDO India, and land due diligence by Roots Legal. Upon consummation, MCCPL will become a wholly-owned subsidiary of JSW Energy.
Capacity Trajectory
The acquisition aligns with JSW Energy’s stated target of 30 GW of total generation capacity by FY2030. The company currently operates 13.9 GW, with 13.6 GW under construction and a pipeline of 4.6 GW, taking total locked-in capacity to 32.1 GW. On the thermal side, the current installed base stands at 5,658 MW, with 3,200 MW under construction at Salboni in West Bengal and a 1,800 MW brownfield expansion pipeline at Mahanadi. Once the MCCPL acquisition closes, the company’s installed thermal capacity rises to 5,958 MW, and total installed plus locked-in thermal capacity reaches 10,958 MW.
The Korba plant’s geographic proximity to JSW Energy’s Mahanadi thermal complex in Chhattisgarh creates potential for shared operations and maintenance infrastructure, the one area where the company may find incremental value beyond the headline EBITDA contribution. JSW Energy also claims the deal reduces its net leverage, a statement that holds only if MCCPL’s own cash balances are substantial enough to offset a meaningful share of the Rs. 1,410 crore outlay, given that the enterprise value is explicitly stated as adjusted for cash.
The company’s consolidated borrowings rose sharply from Rs. 31,573 crore in FY24 to Rs. 50,185 crore in FY25, and investors will track whether the post-closure balance sheet bears that claim out. JSW Energy also carries 29.6 GWh of locked-in energy storage capacity across pumped hydro and battery systems, and targets carbon neutrality by 2050.
Business Overview
JSW Energy is one of India’s leading private power producers and a part of the JSW Group. The company operates a diversified portfolio of thermal, hydro, wind, and solar power assets across India. Beyond power generation, it is expanding into energy storage through battery energy storage systems (BESS) and pumped hydro projects, positioning itself to benefit from India’s renewable energy transition. JSW Energy sells power through long-term PPAs, merchant markets, and short-term contracts.
With a strong focus on renewable capacity additions, strategic acquisitions, and energy storage, the company aims to become a leading integrated energy solutions provider in India.
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