JSW Energy Gets CCI Nod for KSK Mahanadi Acquisition.

In a strategic move reinforcing its leadership in India’s power sector, JSW Energy Ltd (JSWEL) has received approval from the Competition Commission of India (CCI) for its acquisition of KSK Mahanadi Power Company Ltd (KMPCL). The ₹16,000 crore deal follows the National Company Law Tribunal (NCLT) approving the resolution plan submitted by JSW Energy.

The transaction, executed through JSW Thermal Energy One Ltd—a newly formed wholly owned subsidiary of JSWEL—marks a significant expansion of the company’s thermal power footprint.

JSW Energy, a publicly listed entity with a diverse portfolio spanning power generation, transmission, trading, and coal mining, is strengthening its position with the acquisition of KMPCL, which operates a 3,600 MW thermal power plant in Chhattisgarh’s Janjgir-Champa district.

KMPCL has been undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, making this acquisition a crucial turnaround effort in India’s distressed power sector.

This move aligns with JSW Energy’s broader expansion strategy, leveraging its financial strength and operational expertise to integrate and optimize underperforming assets. The acquisition provides the company with access to large-scale thermal power capacity, enhancing its ability to meet the country’s rising energy demands. It also reflects JSWEL’s confidence in India’s evolving power market, where thermal energy remains essential despite the growing push for renewables.

JSW Thermal Energy One Ltd, incorporated in October 2024 specifically for this transaction, currently has no independent business operations. This acquisition represents its first major foray into power generation, with KMPCL’s assets providing an immediate and significant boost to JSW Energy’s production capacity.

The detailed CCI order is expected to follow, outlining the specific terms of approval. However, the green light from India’s competition watchdog signals that the transaction aligns with regulatory considerations, ensuring fair market competition while enabling consolidation in the sector.

With this acquisition, JSW Energy is set to strengthen its position in the conventional power segment while continuing its strategy of balancing its portfolio with renewable investments.

As the power sector navigates the complexities of energy transition, JSWEL’s aggressive expansion underscores its intent to remain a formidable player in India’s electricity market, industry experts said.

HBL