New Delhi: JSW Energy has terminated its Rs 5,321 crore deal to acquire GMR Kamalanga Energy in Odisha’s Dhenkanal district due to COVID-19 related uncertainties.
JSW Energy said both parties have mutually agreed to terminate the transaction.
“With elapsing of long stop date, both parties have mutually agreed to terminate the transaction given continued uncertainty due to COVID-19 pandemic,” JSW Energy said in BSE filing on Friday.
In May, the sale of GMR Energy’s entire stake in GMR Kamalanga Energy Ltd to JSW Energy was put on hold due to COVID-19 outbreak.
JSW Energy had in February signed a share purchase agreement to acquire 100 per cent of GMR Kamalanga Energy for Rs 5,321 crore (subject to working capital and other adjustments).
GMR Kamalanga operates a 1,050-MW thermal power plant in Odisha’s Dhenkanal.