Backed by strong balance-sheet, JSW Energy will continue consolidation in the domestic power sector and look at buying stressed assets, its Chairman Sajjan Jindal said.
“Given the stress in the power sector, we are anticipating consolidation in the domestic space, which will offer us good prospects for investing for the future.
“We are also evaluating various opportunities involving next generation technologies which are going to be disruptive in nature in the energy space,” Jindal said in his speech at the company’s 23rd annual general meeting (AGM).
He said the power sector is facing challenges and so it is important that JSW continues to be on the lookout for opportunities to invest wisely and build an enviable portfolio of power assets.
Talking to reporters on the sidelines of the AGM, Jindal said the company will follow all the guidelines laid down by the RBI in acquisition of stressed assets.
When asked about JSW’s proposal of buying Monnet Ispat and Energy which was refused by the consortium of lenders led by the SBI, Jindal said, “we will now look into creating a fresh proposal.”
SBI, which is the lead banker in the consortium, told the Mumbai bench of National Company Law Tribunal (NCLT) that Monnet Ispat had outstanding dues worth Rs 2,200 crore, while the default of loans stood at Rs 1,500 crore and is, therefore, not acceptable in its current form.
He further said the company was also evaluating various opportunities involving next generation technologies which are going to be disruptive in nature in the energy space.
During FY 2016-17, JSW Energy achieved net generation of around 21.6 billion units and delivered turnover of Rs 8,480 crore on a consolidated basis, while net profit was Rs 629 crore.
The company reduced leverage further, as net debt-equity ratio dropped to 1.29 at the end of the year.
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