JSW Energy puts on hold plan to acquire GKEL

JSW Energy Limited (JSWEL) has put on hold its plan to acquire GMR Kamalanga Energy Limited (GKEL), three months after announcing the deal, citing uncertainties in the wake of the Covid-19 pandemic. In February 2020, the company entered into a share purchase agreement with GMR Energy to buy 100 per cent stake in GKEL that operates the 1,050 MW Kamalanga project in Odisha for Rs 53.21 billion. JSWEL had entered into a definitive agreement, subject to certain conditions, but fulfilment of those conditions are on hold because of uncertainties. The deal would be revisited once things normalise.