JSW Energy Ltd. has successfully completed the acquisition of 100% equity in Maruti Clean Coal & Power Limited (MCCPL) for an enterprise value of ₹1,410 crore, marking another strategic milestone in the company’s long-term capacity expansion roadmap. With the completion of the transaction, MCCPL has become a wholly owned subsidiary of JSW Energy, adding an operational 300 MW thermal power plant at Korba, Chhattisgarh, to its generation portfolio.
The acquisition increases JSW Energy’s installed power generation capacity to 14,835 MW, further strengthening its diversified portfolio across thermal, hydro and renewable energy. The company stated that the acquisition is expected to be EBITDA- and PAT-accretive from day one, while also reducing net leverage and enhancing overall balance sheet resilience.
MCCPL owns and operates a strategically located 300 MW coal-based power plant in Korba, one of India’s key thermal power hubs. The plant benefits from a long-term Power Purchase Agreement (PPA) for 195 MW (net) with Rajasthan discoms through PTC India, with an estimated 14 years of residual contract life. Additionally, 5% of the generated power is supplied to the Chhattisgarh distribution utility at variable cost, while the remaining approximately 64 MW is sold in the merchant power market, providing diversified revenue streams.
Fuel security remains another key strength of the acquired asset. The power plant has a long-term Fuel Supply Agreement (FSA) with South Eastern Coalfields Limited (SECL) and also benefits from coal linkage under the SHAKTI Scheme, ensuring stable coal availability and operational reliability. The acquired asset reported an estimated FY26 EBITDA of around ₹279 crore, making it an immediately earnings-generating addition to JSW Energy’s portfolio.
Beyond financial gains, JSW Energy expects to unlock operational synergies owing to MCCPL’s proximity to its existing Mahanadi thermal power plant. The company believes this geographical advantage will help optimise logistics, operations and maintenance costs while strengthening its regional thermal generation footprint. The acquisition also aligns with JSW Energy’s disciplined “Build vs. Buy” strategy of acquiring value-accretive operating assets that complement its long-term growth plans.
The completion of the transaction reinforces JSW Energy’s broader expansion strategy as it works towards achieving 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030, while pursuing its long-term commitment to achieve carbon neutrality by 2050. Although the company continues to scale its renewable and energy storage portfolio, the acquisition underscores the strategic role of efficient thermal assets in ensuring grid reliability and supporting India’s rapidly growing electricity demand during the energy transition.
The Maruti Clean Coal acquisition strengthens JSW Energy balanced generation portfolio while supporting near-term earnings growth and long-term capacity expansion. As the company advances towards its 2030 generation and energy storage targets, strategic acquisitions alongside renewable investments are expected to enhance operational resilience and strengthen India’s evolving power infrastructure.
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