JSW Energy has secured the approval of Raigarh Champa Rail Infrastructure’s creditors for its proposal to acquire the debt-laden entity, which is currently under insolvency proceedings.
JSW Energy acquired KSK Mahanadi Power Company Ltd (KMPCL), a 3,600 MW thermal power plant in Chhattisgarh, for Rs 16,084 crore through the insolvency process, in March this year.
Indirect ownership
After the KMPCL acquisition, JSW Energy held significant indirect ownership in Raigarh Champa Rail Infrastructure Private Limited (RCRIPL), which is the sole provider of rail infrastructure for coal transportation services to KMPCL.
In an exchange filing on Thursday, JSW Energy said, “We wish to inform that the resolution plan submitted by the company for RCRIPL under the corporate insolvency resolution process has been approved by the Committee of Creditors”.
NCLT approval
JSW Energy said it received a Letter of Intent from the Resolution Professional on Wednesday.
The closure of the transaction will be subject to the receipt of approval from the National Company Law Tribunal.