JSW Energy Acquires Maruti Clean Coal for ₹1,410 Crore

JSW Energy Ltd has entered into a definitive agreement to acquire 100 per cent equity ownership of Maruti Clean Coal & Power Ltd (MCCPL) from Kolahai Infotech Pvt Ltd and SFI Parcel Services Pvt Ltd in a transaction valued at an enterprise value of approximately ₹1,410 crore. The acquisition is subject to customary regulatory approvals and closing conditions.

Upon completion of the transaction, MCCPL will become a wholly owned subsidiary of JSW Energy, further strengthening the company’s thermal power generation portfolio.

MCCPL owns and operates a 300 MW coal-based thermal power plant located in Korba, Chhattisgarh. The plant benefits from a stable revenue profile through a long-term power purchase agreement (PPA) covering 195 MW of net generation capacity with Rajasthan distribution companies via PTC India, with nearly 14 years remaining under the contract. In addition, 5 per cent of the plant’s output is supplied to the Chhattisgarh discom at variable cost, while the balance capacity is sold in the merchant power market.

The facility also enjoys long-term fuel security through a fuel supply agreement with South Eastern Coalfields Ltd (SECL) and coal allocations under the Government of India’s SHAKTI scheme, supporting reliable operations and cost competitiveness.

JSW Energy expects the acquisition to be immediately earnings-accretive, with MCCPL estimated to have generated EBITDA of around ₹279 crore in FY26. The company believes the transaction will strengthen recurring cash flows, improve profitability, reduce net leverage and enhance overall balance-sheet strength.

In addition to financial benefits, JSW Energy sees opportunities to improve operational efficiency through optimization of logistics, fuel management and operations and maintenance costs. The strategic location of MCCPL near the company’s Mahanadi thermal power plant is expected to create operational synergies and reinforce JSW Energy’s presence in the eastern and central India power markets.

According to Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, the acquisition is consistent with the company’s disciplined “Build versus Buy” strategy, enabling it to add a high-quality operating asset that contributes to earnings from the outset.

Following the acquisition, JSW Energy’s installed thermal generation capacity will increase to 5,958 MW. Its total installed and locked-in thermal capacity will rise to 10,958 MW, further supporting the company’s growth ambitions across conventional and renewable energy segments.

JSW Energy currently has a total locked-in generation portfolio of 32.1 GW spanning thermal, hydroelectric and renewable energy assets. The company is targeting 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030, while pursuing its long-term goal of achieving carbon neutrality by 2050.

News by Rahul Yelligetti.