JSW Energy's quarterly profit grows by 18.7%
JSW Energy, which on Thursday reported 18.7 per cent increase in consolidated net income at Rs 366.53 crore for the June quarter, is planning to acquire around Rs 5,000 crore worth of stressed assets. "We have been evaluating interesting opportunities for inorganic growth. With significant assets in the sector being stressed, a meaningful engagement with the lenders will be essential to evaluate and conclude deals.
"We are planning to acquire nearly Rs 4,000-5,000 crore worth of assets in the future," JSW Energy Chairman Sajjan Jindal told reporters on the sidelines of the company's AGM. The company has acquired assets worth Rs 12,000-13,000 crore in the last 2-3 years and it is currently evaluating 8-9 projects, he added. JSW Energy, which has bought two hydel power projects of the debt-ridden Jaiprakash Power Ventures in Himachal Pradesh, including the 300-mw Baspa-II and 1,091-mw Karcham Wangtoo, for Rs 9,700 crore, is looking at expanding its hydel portfolio through acquisitions.