JSW in talks to acquire Mytrah Energy
POWER & RENEWABLE ENERGY

JSW in talks to acquire Mytrah Energy

The JSW Group has initiated talks with several private equity (PE) funds, including American investment management firm Apollo Global Management, to acquire its renewable power producer, Mytrah Energy (India) (MEIPL).

The current enterprise valuation is $2 billion. JSW group’s JSW Energy has a target to add 15 gigawatts (Gw) of renewables in its portfolio with an investment of $10 billion by 2030. Mytrah has a portfolio of wind and solar power projects with a capacity of 1.8 Gw. MEIPL is a subsidiary of Bindu Vayu (Mauritius), which is fully owned by Mytrah Energy (MEL). MEL was earlier listed on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange. Its main promoter, Ravi Kailas, chairman of Mytrah Group, holds 93% of the shares in MEL.

A JSW group spokesperson declined to comment on the issue. Lenders are currently looking at various parameters to finance the transaction, including the power purchase agreement (PPA) and its clauses. “If the (MEL) projects have additional payment security mechanisms, compensation for grid unavailability, and financial protection in case of an off-taker default, then the investors would look at financing the acquisition,” said a banker working close with the developments.

Also read:
JSW Steel to invest Rs 100 billion to increase use of renewable energy


The JSW Group has initiated talks with several private equity (PE) funds, including American investment management firm Apollo Global Management, to acquire its renewable power producer, Mytrah Energy (India) (MEIPL). The current enterprise valuation is $2 billion. JSW group’s JSW Energy has a target to add 15 gigawatts (Gw) of renewables in its portfolio with an investment of $10 billion by 2030. Mytrah has a portfolio of wind and solar power projects with a capacity of 1.8 Gw. MEIPL is a subsidiary of Bindu Vayu (Mauritius), which is fully owned by Mytrah Energy (MEL). MEL was earlier listed on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange. Its main promoter, Ravi Kailas, chairman of Mytrah Group, holds 93% of the shares in MEL. A JSW group spokesperson declined to comment on the issue. Lenders are currently looking at various parameters to finance the transaction, including the power purchase agreement (PPA) and its clauses. “If the (MEL) projects have additional payment security mechanisms, compensation for grid unavailability, and financial protection in case of an off-taker default, then the investors would look at financing the acquisition,” said a banker working close with the developments.Also read: JSW Steel to invest Rs 100 billion to increase use of renewable energy

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code