JSW Energy Acquires Maruti Clean Coal for ₹1,410 Crore, Capacity Rises to 14,835 MW
JSW Energy has completed the acquisition of Maruti Clean Coal and Power Limited for an enterprise value of ₹1,410 crore, adding a 300 MW thermal plant in Korba, Chhattisgarh, and lifting total installed capacity to 14,835 MW. The asset, which reported FY26 EBITDA of ₹279 crore, holds a 14-year residual PPA with Rajasthan discoms and secured coal supply under the SHAKTI scheme. JSW Energy's total locked-in capacity now stands at 32.4 GW, with the company targeting 30 GW of generation and 40 GWh of energy storage by 2030.

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JSW Energy has completed the acquisition of 100% of the equity shares of Maruti Clean Coal and Power Limited (MCCPL), integrating the company as a wholly-owned subsidiary. The transaction, valued at an Enterprise Value of ₹1,410 crore, adds a 300 MW thermal power plant in Korba, Chhattisgarh, to JSW Energy's portfolio. This move raises the company's total installed capacity to 14,835 MW and is expected to be accretive to both EBITDA and PAT from day one, while reducing net leverage.
The acquisition was finalized following a definitive agreement signed on June 13, 2026, with sellers Kolahai Infotech Private Limited and SFI Parcel Services Private Limited. JSW Energy disclosed the completion under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Khaitan & Co served as legal advisor, BDO India conducted financial and tax due diligence, and Roots Legal handled land due diligence for the transaction.
Asset Profile and Commercial Terms
MCCPL operates a 300 MW thermal power project in Chhattisgarh. The asset reported an EBITDA of ₹279 crore in FY26. The plant's power sales are diversified across long-term agreements and merchant markets, as detailed below:
| Component: | Capacity / Detail | Counterparty / Market |
|---|---|---|
| Long-term PPA | 195 MW (net) | Rajasthan discoms via PTC India |
| Variable Cost | 5% of capacity | Chhattisgarh discom |
| Merchant | ~64 MW | Open market |
| Fuel Supply | Secured | SECL via SHAKTI scheme |
The long-term Power Purchase Agreement (PPA) with Rajasthan discoms has a residual life of approximately 14 years. Coal supply is secured through a long-term Fuel Supply Agreement with Singareni Collieries Company Limited (SECL) under the SHAKTI scheme.
What the Numbers Show
The acquisition strengthens JSW Energy's balance sheet resilience by adding a cash-generative asset with long-term contracted revenue. With FY26 EBITDA of ₹279 crore against an enterprise value of ₹1,410 crore, the asset offers a yield that supports immediate profitability accretion. Furthermore, the proximity of the Korba plant to JSW Energy's existing Mahanadi facility is expected to unlock operational synergies through optimized logistics and O&M costs, enhancing the regional thermal footprint.
Broader Portfolio Impact
With this addition, JSW Energy's total locked-in generation capacity stands at 32.4 GW, comprising 14,835 MW operational and 13.6 GW under construction across thermal, hydro, and renewable segments. The company currently operates 5,958 MW of thermal capacity, with 3,800 MW under construction at Salboni and Mahanadi Thermal Power Plants. Additionally, a pipeline of 1,200 MW for brownfield expansion at Mahanadi is in progress.
JSW Energy also maintains 29.6 GWh of locked-in energy storage capacity, including 26.4 GWh of pumped hydro storage and 3.2 GWh of battery energy storage systems. The company targets 30 GW of power generation capacity and 40 GWh of energy storage by 2030, with a goal of achieving carbon neutrality by 2050.
| Metric: | Details |
|---|---|
| Acquisition Value (EV) | ₹1,410 crore |
| Asset Capacity | 300 MW thermal |
| Asset Location | Korba, Chhattisgarh |
| FY26 EBITDA | ₹279 crore |
| Total Installed Capacity | 14,835 MW |
| Total Locked-in Capacity | 32.4 GW |
| Capacity Under Construction | 13.6 GW |
| Thermal Capacity Operational | 5,958 MW |
| Energy Storage (Locked-in) | 29.6 GWh |
| 2030 Generation Target | 30 GW |
| 2030 Storage Target | 40 GWh |
Historical Stock Returns for JSW Energy
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.60% | -1.05% | +1.73% | +16.39% | +5.21% | +139.73% |
How will the integration of MCCPL's Korba plant impact JSW Energy's operational synergies with the nearby Mahanadi facility in terms of logistics and O&M cost reductions?
Given the 14-year residual life of the Rajasthan PPA, how might potential regulatory changes in state-level power tariffs affect the long-term revenue stability of this asset?
To what extent will the addition of 300 MW of thermal capacity align with or challenge JSW Energy's stated goal of achieving carbon neutrality by 2050?


































