JSW Neo Energy Limited has signed a share purchase agreement (SPA) for the acquisition of a 100 per cent equity stake in Virya Infrapower Private Limited for a total enterprise value of Rs 75.4 million.
The acquisition provides JSW Neo Energy with the opportunity to acquire a ready renewable power site with necessary infrastructure to achieve accelerated project development. The transaction was closed on the same day as the signing of the SPA, and the acquisition was completed with 100 per cent cash consideration, subject to post-closing adjustments. Following the acquisition, Virya Infrapower has become a step-down subsidiary of the company.