The deal, which is at advanced stages of negotiation, would involve JSW Energy taking over more than Rs 4,000 crore debt associated with the imported coal-fired Udupi plant, they said.
JSW Energy is close to acquiring Lanco Infratech 's 1,200 MW Udupi power plant in a deal worth nearly Rs 6,000 crore, industry sources said. The acquisition would help the Sajjan Jindal-led firm in realising its ambitious expansion plan of having 11,770 MW power generation capacity against 3,140 MW at present.
The deal, which is at advanced stages of negotiation, would involve JSW Energy taking over more than Rs 4,000 crore debt associated with the imported coal-fired Udupi plant, they said.
When contacted, a JSW Energy spokesperson said, "The company as a policy does not respond to speculative reports or market rumours."
Lanco Infrateach declined to comment. Faced with challenging business conditions, Lanco has been looking to sell some of its assets including Udupi plant. The diversified group has already started shedding some of its non-core assets. Among others, last year it sold some
wind energy assets in Tamil Nadu.
The 2X600 MW Udupi plant requires around four million tonnes imported coal a year and it uses sea water to meet the condenser cooling and other water requirements.
The power generated from Udupi Power Plant is evacuated through a dedicated 400 kV transmission line.
JSW Energy stock price
On July 23, 2014, JSW Energy closed at Rs 82.20, up Rs 1.25, or 1.54 percent. The 52-week high of the share was Rs 86.85 and the 52-week low was Rs 33.80.
The company's trailing 12-month (TTM) EPS was at Rs 3.67 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 22.4. The latest book value of the company is Rs 42.70 per share. At current value, the price-to-book value of the company is 1.93.
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