Deal Highlights
JSW Energy has announced plans to acquire the entire equity stake in Maruti Clean Coal and Power Limited (MCCPL), a company that operates a 300 MW coal-based thermal power plant in Korba, Chhattisgarh. The move is part of JSW Energy’s broader strategy to expand its power generation portfolio and strengthen its presence in the thermal power segment.
Transaction Details
The acquisition is valued at an enterprise value of approximately ₹1,410 crore, subject to customary adjustments at closing. According to available financial information, MCCPL generated an estimated revenue of around ₹787 crore during FY2025-26, while EBITDA is estimated at roughly ₹279 crore.
Existing Power Supply Agreements
MCCPL benefits from long-term power purchase arrangements that provide revenue visibility. The company supplies a significant portion of its generation capacity under a long-duration agreement with electricity distribution companies in Rajasthan through PTC India. The agreement is expected to continue for approximately 14 more years.
In addition, a small portion of electricity is supplied to Chhattisgarh state utilities at variable cost, while the remaining capacity is sold through the merchant power market.
Strategic Importance for JSW Energy
Following the completion of the transaction, JSW Energy’s thermal generation capacity is expected to increase from 5,658 MW to 5,958 MW. The acquisition supports the company’s long-term objective of achieving 30 GW of total installed power capacity by FY2030.
The proximity of MCCPL’s plant to JSW Energy’s existing thermal assets may also create opportunities for operational efficiencies, including optimization of fuel logistics, maintenance activities, and plant operations.
Approval Process
The acquisition remains subject to several conditions, including approvals from the Government of Chhattisgarh related to land transfer and consent from existing lenders. The targeted completion timeline extends up to July 31, 2026.
Investor Perspective
The addition of an operational power asset with established revenue streams and long-term contracts could strengthen JSW Energy’s earnings profile. Stable cash flows, combined with potential cost synergies, may contribute positively to the company’s future growth plans.
Conclusion
JSW Energy’s proposed acquisition of MCCPL represents another step in its capacity expansion strategy. By adding a functioning thermal power asset with long-term power supply arrangements, the company aims to enhance its generation portfolio and support its ambitious growth targets for the coming years.
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