In an exchange filing, the company added, JSW Renewable Energy (Coated), a wholly-owned subsidiary of JSW Neo Energy and a step down subsidiary of the company, has signed a business transfer agreement with Reliance Power for the purchase of the 45 MW Vashpet wind project (business undertaking) as a going concern on a slump sale basis.
The capacity consists of wind power project located at Jath, Sangli in Maharashtra. The said project is engaged in generation of power using renewable sources of energy, said the firm.
The purchase consideration for the transaction is Rs 132 crore adjusted for the net working capital as on the closing date.
The transaction envisages long stop date of 60 days and is contingent upon fulfilment of the conditions precedent set out in the business transfer agreement, it added.
The company has set a target to reach 20 gigawatt (GW) capacity before FY 2030 and to become carbon neutral company by FY 2050. The transaction would help the firm in achieving its renewable-led capacity growth target of 20 GW before FY 2030.
JSW Energy is primarily engaged in the business of generation of power with principal places located at Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh) and Salboni (West Bengal).
The company's consolidated net profit tumbled 28.79% to Rs 231.33 crore on 13.10% rise in net sales to Rs 2542.77 crore in Q3 FY23 over Q3 FY22.
