JSW Energy no longer interested in Monnet Power, looking for new growth avenues: COO


JSW Energy no longer interested in Monnet Power, looking for new growth avenues: COO

Billionaire Sajjan Jindal’s JSW Energy is no longer interested in acquiring bankrupt Monnet Power, a senior company executive told CNBC-TV18 on Thursday.

Monnet Power, which owns and operates coal fired thermal power plant in Odisha, is an unlisted company owned by the Jajodia family. The firm ran into trouble when the Supreme Court cancelled multiple coal mine licences in 2014.

JSW Energy chief operating officer Sharad Mahendra said while the company was not moving forward with its planned acquisition of Monnet Power, it remains committed to taking over Prayagraj Power, a thermal unit located in Uttar Pradesh near Allahabad.

Media reports suggested JSW Energy has promised lenders to sweeten the offer for Pragyaraj Power in an attempt to trump Tatas backed Resurgent Power. Read More

Leave a Reply

Your email address will not be published.