New Delhi, March 27 -- Power producer JSW Energy Ltd has acquired full control of Raigarh Champa Rail Infrastructure Pvt Ltd (RCRIPL), in a Rs. 700.1 crore (around $74.3 million) deal, making the rail services provider a wholly owned subsidiary, the company said in a stock exchange filing.
The acquisition was completed after implementation of a resolution plan approved by the National Company Law Tribunal's Hyderabad bench in January, JSW Energy said. The Mumbai-based power producer had earlier informed exchanges of the tribunal's approval on January 22.
RCRIPL supplies railway infrastructure services to JSW Mahanadi Power Company Ltd (JMPCL), a JSW Energy subsidiary that operates a 3,600 MW thermal power plant in Chhattisgarh. Half the plant's capacity - 1,800 MW - is currently operational, with the balance under construction.
The total resolution amount for the deal was Rs. 700.1 crore, comprising cash paid by JSW Energy and non-convertible debentures issued by RCRIPL to financial creditors, the filing showed. Prior to the deal, RCRIPL was an associate of JMPCL.
JSW Energy said the move was aimed at securing uninterrupted rail infrastructure for fuel logistics at the JMPCL plant. It described the transaction as being conducted at arm's length and requiring no additional regulatory approvals beyond the NCLT order.
RCRIPL, incorporated in 2009, reported revenue from operations of Rs 54 crore in the financial year ended March 2025, according to the filing.
The announcement comes as JSW Energy expands its thermal power portfolio. The company has previously acquired KSK Water Infrastructures Pvt Ltd, another infrastructure asset linked to the same power plant.
JSW Energy did not disclose the financial impact of the acquisition on its consolidated results.
JSW Energy has a thermal power portfolio with 5.70 GW installed capacity, 3.20 GW under construction and 1.80 GW pipeline capacity, totaling 10.70 GW locked-in thermal capacity.
Published by HT Digital Content Services with permission from VC Circle.