JSW Energy eyes JP Power's Bina, Nigrie power plants

Sajjan Jindal's JSW Energy, after being pipped in the last two power deals by Anil Ambani's Reliance Power and Gautam Adani’s Adani Power is now moving fast to be ahead in the race to buy the rest of the assets on the block.

Sources with direct knowledge share that JSW Energy is in talks to buy JP Power's Bina and Nigrie thermal power units.

Bina Thermal Power Plant has a capacity of 500 MW may have an Enterprise Value of Rs 3,500 crore, a source shared. Nigrie power project could command a valuation of over Rs 9,000 cr provided the coal JV with the state of Madhya Pradesh is part of the deal, a source said.

JSW Energy is in talks to replace Jaiprakash Associates (JAL) from the 49:51 joint venture with Madhya Pradesh State Mining Corporation Limited (MPSMCL) for the coal requirements of the Nigrie power plants.

Nigrie Thermal Power Project in Madhya Pradesh has commissioned its first unit last month and will have a capacity of 1320 MW in the next six months.

When contacted JSW Energy in a statement said, "The Company continues to evaluate various opportunities, both organic and inorganic, as part of its growth strategy. However, the Company is not in any conclusive discussions for any particular project at this stage."

JP Power's spokesperson said, "We categorically deny that we are in talks with JSW Energy for sale of any of our projects."