JSW Energy rose 1.99% to Rs 43.50 after the Competition Commission of India (CCI) approved acquisition of GMR Kamalanga Energy by the company.
The proposed combination envisages the acquisition of the entire (i.e., 100%) shareholding of the GMR Kamalanga Energy by JSW Energy.
It further said that JSW Energy (also through its subsidiaries) is engaged in power generation, power transmission, power trading, coal mining and power equipment manufacturing. Presently, the Acquirer has a power generation capacity of 4,541 MW comprising of portfolio of thermal (3,140 MW), hydro (1,391 MW) and solar (10 MW).
GMR Kamalanga Energy is engaged in generation of power through its coal based thermal power plant at Kamalanga village, Dhenkanal district, Odisha. Detailed order of the Commission will follow, CCI said in a press release dated 7 April 2020.
JSW Energy is an integrated power company primarily engaged in generation and sale of power. Its business segments include power generation, power transmission, mining, power trading and equipment manufacturing.
On a consolidated basis, the company's net profit surged 169.7% to Rs 394.12 crore despite a 19.5% fall in net sales to Rs 1948.58 crore in Q3 December 2019 over Q3 December 2018.
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