The Competition Commission of India (CCI) has approved JSW Neo Energy Limited’s acquisition of 18 subsidiaries of Mytrah Energy. JSW Neo Energy Limited intends to acquire a majority stake in the subsidiaries through individual share purchase agreements. JSW Neo Energy will be able to acquire a 1,753 MW operational renewable portfolio as a result of the merger. Deals exceeding certain thresholds require approval from CCI as it helps to monitor anti-competitive behaviour.
Recently in September 2022, JSW Steel announced a collaboration with Germany’s SMS group and intends to make an investment worth Rs 100 billion to reduce carbon emissions at its plants. The SMS Group will be helping in providing expertise related to technology, designing, engineering consultancy, and commissioning to implement decarbonisation for different projects.
Also in August 2022, JSW Renew Energy Five Limited, a JSW Energy special purpose vehicle, won an auction by Solar Energy Corporation of India Limited. The auction was about setting up pilot projects of 500 MW/1000 MWh standalone battery energy storage systems (BESS) under a build, own, operate, and transfer model. JSW Renew Energy Five won the entire capacity with a bid of Rs 1.08 million per MW.