JSW Energy to raise $750 mn in forex debt

Mumbai: Sajjan Jindal-led JSW Energy plans to raise around $750 million from international bond sale to fund expansion plans as well as to repay some of its existing debt of over Rs 10,050 crore.

The company has also set a target of achieving 10,000 mw of installed capacity by 2020, a quarter of which will be contributed by renewable energy sources. JSW Energy has sought shareholders' approval for the fund raising plan and said the proposed $750 million of long-term debt will be raised by selling non-convertible foreign currency denominated bonds or masala bonds, the company said in the annual report.

The company also plans to increase its long-term PPA proportion to 85 percent from the current levels. JSW Energy closed FY19 with a net income of Rs 695 crore on a revenue of Rs 9,506 crore .