JSW Energy to acquire 3 plants of JP Power

JSW Energy has inked a binding memorandum of understanding (MoU) with JP Power to acquire three plants of 1,891 MW capacity.

Its third time lucky for the JP Group, a day after  Reliance Power pulled the plug on its Rs 12,000 crore deal with JP Power; JSW Energy stepped in to save the day. Today, both JP Power and  JSW Energy signed a definitive agreement to acquire the former's three power plants.

JSW Energy has inked a binding memorandum of understanding (MoU) with JP Power to acquire three plants of 1,891 MW capacity. These include 300 MW Baspa-II and 1091 MW Karcham Wangtoo hydro electric plant and 500 MW Bina thermal power plant.  

In an exclusive interview with CNBC-TV18's Latha Venkatesh, Sajjan Jindal, CMD, JSW Steel said that JP Power and JSW Energy have entered into a definitive agreement to buy three plants - one thermal and two hydro power plants of JP Power. JSW Energy will acquire 100 percent equity of the three power plants, he added.

However, no financial details of the deal have been disclosed as yet. "The deal is premature to disclose the value of the deal as numbers are derivative," Jindal said.

Meanwhile, JSW Energy will raise debt to buy JP's Power plants, he added.

Reliance Power stock price

On September 24, 2014, Reliance Power closed at Rs 70.25, down Rs 5.65, or 7.44 percent. The 52-week high of the share was Rs 112.35 and the 52-week low was Rs 60.10.

The company's trailing 12-month (TTM) EPS was at Rs 0.07 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 1003.57. The latest book value of the company is Rs 60.02 per share. At current value, the price-to-book value of the company is 1.17.

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