Cyril Amarchand Mangaldas Advised JSW Energy On Financing Landmark Acquisition Of KSK Mahanadi Power
Cyril Amarchand Mangaldas advised as legal counsel to JSW Energy Limited in its acquisition of KSK Mahanadi Power Company Limited (KSKMPCL), which owns and operates a 3,600 MW thermal power plant in Chhattisgarh, with 1,800 MW currently operational.
JSW Energy was selected as the successful bidder by the Committee of Creditors of KSKMPCL. The resolution plan, submitted by JSW Energy Limited, was approved by the Hon’ble National Company Law Tribunal, Hyderabad, on February 13, 2025. To implement the plan, JSW Thermal Energy One Limited (a special purpose vehicle of JSW Energy Limited) availed term loan facilities of INR 12,475 crore from the State Bank of India.
As part of the resolution plan, JSW Energy (through its subsidiary) acquired KSKMPCL and completed a payment of INR 16,084 crore to the company’s creditors. This marks the largest acquisition of a thermal power project under the Insolvency and Bankruptcy Code (IBC) to date.
The Cyril Amarchand Mangaldas team was led by Ramanuj Kumar (Partner & Co-Head – Projects (Energy & Energy Transition)), with support from Shrey Srivastava (Principal Associate) and Snehil Ajmera (Associate).
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