JSW Energy plans Rs 5,000 cr QIP issue this fiscal

Private sector power producer JSW Energy plans to raise Rs 5,000 crore through qualified institutional placement in 2014-15.

The Sajjan Jindal-promoted company has sought an approval of its share-holders for mopping up Rs 5,000 crore through an issue of secured/unsecured redeemable non-convertible debentures on a private placement basis, as well as the utilisation of the funds, according to its annual report.

It plans to expand the capacity and foot print in the generation space with locations identified in Chhattisgarh, Jharkhand, Vijayanagar, and Ratnagiri in Maharashtra, it said.

The company has an operational capacity of 3,140 mw out of which over 40% is merchant power and is expected to augment its capacity by another 8,360 mw when these four proposed plants are commissioned over the next few years.

"While the company has acquired or is acquiring land in these (four) locations besides taking various consents, these projects are proposed to be taken up on getting reasonable clarity on the fuel and power off-take arrangements which are awaited," it said.

JSW Energy, which is engaged in varied businesses including generation, transmission, trading of electricity, besides manufacturing power plant equipment through a JV with Toshiba, is also exploring opportunities in the power distribution sector.

"As part of the strategy to be a fully integrated player in the power sector, the company is keenly evaluating the opportunities in the distribution space," the report said.

It had reported net profit of Rs 755 crore on a revenue of Rs 8,552 crore last fiscal.

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