New Delhi, Sept. 19 -- Three companies in India's energy and power sector have made new acquisitions as they seek to strengthen their portfolio of products and services and enter non-core areas within their domains.
JSW Neo Energy
JSW Neo Energy Ltd, the green energy arm of the JSW Group, is set to acquire the 150MW Tidong Hydro Power Plant in Himachal Pradesh from the Indian unit of the Scandinavian energy firm Statkraft in a Rs 1,728 crore ($196 million) deal.
The hydropower plant, being built in Kinnaur district's Tidong Valley, is likely to be commissioned by October 2026.
Following this acquisition, JSW Neo will have a total locked-in capacity of 30.5GW. This comprises an operational capacity of 13.1GW, which includes an under-construction thermal capacity of 12.8GW, and a renewable capacity of 4.6GW.
Separately, JSW Energy is also set to acquire the boiler manufacturing unit of GE Power India Ltd in a bid to add more heft to its thermal power business.
The company said in a stock-exchange filing that the deal, being executed via a share swap arrangement, will see GE Power India demerge its boiler manufacturing facility in Durgapur in West Bengal to JSW Energy. As part of the deal, JSW Energy will issue 10 shares for every 139 shares held by GE Power India shareholders. The demerger will be effective July 1, 2025.
Waaree Energies
Solar photovoltaic module maker Waaree Energies has entered the smart metering space by acquiring a majority stake in a Maharashtra-based company.
Waaree Energies has acquired a controlling 76% stake in smart meter manufacturing company Racemosa Energy (India) Pvt Ltd for Rs 53 crore.
The deal will make Racemosa Energy (India) a stepdown subsidiary of Waaree, which is acquiring the stake via its wholly owned subsidiary Waaree Power Pvt Ltd.
Maharashtra-based Racemosa, which makes smart meters, was set up in 2018. Waaree said in a stock market filing that the all-cash acquisition will help it include smart meters in its value chain, helping it strengthen its presence beyond its core solar manufacturing business.
Graphite India
Graphite electrode manufacturer Graphite India Ltd has acquired a 6.82% stake in New York Stock Exchange-listed GrafTech International, through a secondary transaction, for Rs 168.13 crore.
GrafTech International makes high-quality graphite electrode products which are essential for the production of electric arc furnace steel and other ferrous and non-ferrous metals.
Graphite India said in a stock exchange filing that the US-based company has a competitive portfolio of low-cost, ultra-high-power graphite electrode manufacturing facilities, with some of the highest capacity facilities in the world. Graphite India also said that the US company is substantially vertically integrated into petroleum needle coke, a key raw material for graphite electrode manufacturing.
Published by HT Digital Content Services with permission from VC Circle.