JSW Energy on Wednesday said it has completed the acquisition of 700 MW Ind-Barath Energy (Utkal) for Rs 1,047.60 crore through insolvency proceedings.
"Pursuant to the NCLT (National Company Law Tribunal) approval order, the resolution plan has now been implemented and the acquisition of Ind-Barath Energy (Utkal) Ltd is complete. The resolution amount of Rs 1,047.60 crore has been paid," a BSE filing said.
Now, the company holds 95 per cent equity shares of Ind-Barath Energy (Utkal) Ltd and the secured financial creditors collectively hold the balance 5 per cent, as per the terms of the resolution plan.
Consequent to this transaction, Ind-Barath Energy (Utkal) Ltd has become a subsidiary of JSW Energy.
Earlier the company had intimated on July 26, 2022, that the NCLT Hyderabad had, vide order dated July 25, 2022, (NCLT Approval Order) approved the company's resolution plan submitted on October 3, 2019, under the corporate insolvency resolution process of Ind-Barath Energy, which is implementing a 700 MW (2x350 MW) thermal power plant located at Jharsuguda district in Odisha.
