JSW Energy Completes ₹1,410 Crore Acquisition of 300 MW Maruti Clean Coal Power Plant
JSW Energy Limited has completed the acquisition of 100% of Maruti Clean Coal & Power Limited (MCCPL), adding a 300 MW thermal power plant in Chhattisgarh to its portfolio.
Following the completion of the transaction, MCCPL has become a wholly-owned subsidiary of JSW Energy, while the company’s total installed power generation capacity has increased to 14,835 MW (14.8 GW).
The acquisition marks another step in JSW Energy’s strategy of expanding its generation portfolio through value-accretive opportunities while maintaining a focus on financial discipline.
₹1,410 Crore Enterprise Value
The transaction values Maruti Clean Coal & Power at an Enterprise Value of ₹1,410 crore.
The acquired asset generated approximately ₹279 crore of EBITDA in FY26, making the acquisition immediately accretive to both EBITDA and PAT, according to JSW Energy.
The company also said the transaction is expected to reduce net leverage and strengthen its overall balance sheet resilience.
Key Acquisition Highlights
| Particular | Details |
|---|---|
| Acquired company | Maruti Clean Coal & Power Ltd |
| Acquirer | JSW Energy Ltd |
| Stake acquired | 100% |
| Status | Wholly-owned subsidiary |
| Power plant | 300 MW thermal |
| Location | Korba, Chhattisgarh |
| Enterprise Value | ₹1,410 crore |
| FY26 EBITDA | ~₹279 crore |
| Installed capacity after acquisition | 14,835 MW |
| PPA | 195 MW net with Rajasthan discoms |
| Residual PPA life | ~14 years |
300 MW Korba Thermal Plant Comes Into JSW Energy Portfolio
MCCPL owns and operates a 300 MW thermal power plant at Korba, Chhattisgarh.
A significant portion of the plant’s capacity is already tied up through long-term power arrangements. The company has a 195 MW net Power Purchase Agreement (PPA) with Rajasthan distribution companies, routed through PTC India.
The PPA has a remaining life of approximately 14 years, providing long-term visibility for a substantial portion of the plant’s generation.
The plant also supplies 5% of its power at variable cost to Chhattisgarh discoms.
The remaining approximately 64 MW is sold in the merchant market, providing the company with exposure to market-based power prices.
Coal Supply Secured Through Long-Term Arrangements
Fuel availability is another important aspect of the acquisition.
The Korba plant has secured coal through a long-term Fuel Supply Agreement with South Eastern Coalfields Limited (SECL), along with coal linkage under the SHAKTI scheme.
This provides the acquired plant with greater visibility on fuel availability and supports its ability to operate reliably.
Acquisition Expected to Be EBITDA and PAT Accretive
One of the key attractions of the transaction is the financial profile of the acquired asset.
MCCPL reported approximately ₹279 crore of EBITDA in FY26.
JSW Energy said the asset will be EBITDA and PAT-accretive from day one.
The company also expects the acquisition to reduce net leverage, suggesting that the transaction is being positioned not only as a capacity expansion but also as a financially disciplined acquisition.
Operational Synergies With Mahanadi Facility
JSW Energy sees additional potential from integrating MCCPL with its existing operations in the region.
The Korba plant’s proximity to the company’s Mahanadi facility could create opportunities to optimise logistics and operation and maintenance costs.
According to JSW Energy, these potential synergies could improve the operating economics of the acquired plant and strengthen its thermal power presence in the region.
JSW Energy Joint Managing Director and CEO Sharad Mahendra said the acquisition complements the company’s existing generation portfolio and supports its strategy of pursuing disciplined and value-accretive growth.
JSW Energy’s Thermal Portfolio
Following the acquisition, JSW Energy has 5,958 MW of operational thermal capacity.
The company is also developing additional thermal capacity, including:
- 3,800 MW under construction at the Salboni and Mahanadi Thermal Power Plants
- 1,200 MW pipeline for brownfield expansion at Mahanadi
The addition of MCCPL further strengthens the company’s thermal generation portfolio while JSW Energy continues to expand across renewable and energy storage segments.
JSW Energy’s Total Generation Pipeline Reaches 32.4 GW
JSW Energy currently has a locked-in generation capacity of 32.4 GW.
This includes:
- 14.8 GW operational capacity
- 13.6 GW under construction
- 4 GW in the development pipeline
The company’s strategy is not limited to conventional power generation. It is also building a significant energy storage portfolio.
JSW Energy currently has 29.6 GWh of locked-in energy storage capacity, comprising:
- 26.4 GWh of pumped hydro storage
- 3.2 GWh of battery energy storage systems
30 GW Generation Capacity Target by 2030
JSW Energy has set an ambitious long-term expansion target.
The company aims to reach:
30 GW of generation capacity by 2030
along with:
40 GWh of energy storage capacity by 2030.
The company also targets carbon neutrality by 2050.
The MCCPL acquisition therefore adds a relatively established thermal asset to a broader portfolio that includes thermal, hydro, renewable generation and energy storage.
Why This Acquisition Matters
The acquisition is significant for several reasons.
First, JSW Energy immediately adds 300 MW of operating capacity without having to build a new power plant from scratch.
Second, the asset already has a long-term PPA covering 195 MW, offering stable contracted revenue visibility.
Third, the plant’s FY26 EBITDA of approximately ₹279 crore indicates an established earnings-generating asset.
Finally, JSW Energy believes there is additional potential to improve the plant’s economics through logistics and O&M optimisation.
What Investors Should Watch
For investors tracking JSW Energy, the key factors to watch following the acquisition include:
- Integration of MCCPL into JSW Energy’s operations
- Actual EBITDA contribution from the acquired plant
- Performance of the 195 MW long-term PPA
- Merchant power price trends for the uncontracted capacity
- Coal availability and fuel costs
- Benefits from logistics and O&M synergies
- Impact of the acquisition on net debt and leverage
- Progress toward the company’s 30 GW generation target
- Expansion of its 40 GWh energy storage portfolio