JSW Energy Secures KMPCL Acquisition, Resolves KWIPL Debt

In a significant development, the Committee of Creditors has given the green light to a debt settlement proposal by JSW Energy for KSK Water Infrastructures Private Limited (KWIPL), effectively ending KWIPL's insolvency resolution process.

This follows JSW Energy's announcement on March 6 that it finalized the acquisition of KSK Mahanadi Power Company Limited (KMPCL) through the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The completion of the resolution plan has positioned KMPCL as a subsidiary of JSW Energy.

As stipulated in the resolution plan, JSW Energy will take ownership of 74% of KMPCL's equity shares, while the remaining 26% equity will be held by secured financial creditors. The withdrawal of KWIPL's insolvency process is pending approval by the National Company Law Tribunal.

(With inputs from agencies.)