The acquisition has been conducted under IBBI Regulations without any share purchase and was a slump sale, the company told the exchanges
The new asset will provide power to JSP’s steel plant in Angul, which is in expansion mode (Representative Image)
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Jindal Steel & Power (JSPL) has in a written clarification to exchanges on December 9, confirmed Moneycontrol’s breaking story of its Rs 410 crore acquisition of Monnet Power’s plant. It added that the purchase is as per the IBBI (Liquidation process) Regulation, 2016, and JSPL will not be acquiring shares.
The company further underscored that the acquisition was a ‘slump sale’. A slump sale is one where an asset(s) changes hands without ascribing individual values to each of the particulars or liabilities contained within it.
JSPL has in its statement further suggested that it did not qualify the purchase as a material event to be disclosed separately under Regulations of SEBI Listing Regulations.
On December 8, Moneycontrol broke the news that JSPL has acquired an under-construction plant of the Monnet Power Company under the insolvency resolution process for Rs 410 crore. Sources also said that Adani Power was among the contenders for the plant
The 1,050 MW power plant is located near Malibrahmani in the Angul district of Odisha. The coal-fired power plant was offered on a slump sale basis in an auction on November 2, 2022, at a reserve price of Rs 400 crore. JSPL will use the plant to supply power to its steel plants at Angul. The Utkal C, B1 and B2 coal mines which belong to JSPL are located nearby.
Speaking to PTI, Kapil Mantri, Head of Strategy, at JSPL said the transaction was completed on December 7. “We have won the bid for Rs 410 crore for liquidation of power plant of Monnet Power via NCLT route. The new asset will provide power to JSP’s steel plant in Angul, which is in expansion mode,” Mantri said.
Mantri added that JSPL plans to make the plaint operational within next one year by infusing fresh investments. “We still have to estimate the investment needed to make the plant operational. This asset will use 25 percent less coal helping in low carbon emissions,” he said.
The Mumbai bench of the National Company Law Tribunal (NCLT) had announced the sale of the Monnet power plant under liquidation in an order dated October 23, 2019. Prospective bidders were required to submit eligibility documents on or before October 15, 2022, as provided in the asset sale process memorandum.
