Share price of JSW Energy fell over four per cent on Tuesday, March 9, after the company signed a business transfer agreement with JSW Cement for the sale of 18 MW thermal power plant at Salboni for ₹ 95.67 crore. According to a regulatory filing by the firm to BSE, the company signed the business transfer agreement with JSW Cement Limited on March 8. JSW Cement Limited is involved in the business of cement manufacturing having a capacity of 14 MTPA as of March 31, 2020. On Tuesday, shares of JSW Energy opened on the BSE at Rs 88.40, touching an intra day high of Rs 89.45, and an intra low of Rs 82.45, so far.
According to JSW Energy’ statement, the thermal power plant was being set up for providing work services to JSW Cement Limited. Considering the lower power demand of its Salboni Cement Unit, JSW Cement Limited now intends to optimise the job work charges per unit. Due to this, the thermal power plant is being sold to JSW Cement Limited on a slump sale basis.
At 2:42 pm, JSW Energy shares traded 4.92 per cent lower at Rs 82.90 on the BSE