Cyril Amarchand Mangaldas advised JSW Energy in relation to its acquisition of 8.33 percent (34,69,59,135 equity shares) shareholding on a fully diluted basis in Toshiba JSW Power Systems from Toshiba Corporation for an aggregate consideration of INR 150 crore.
“Pursuant to the aforesaid transaction, the Company’s shareholding in TJPS will increase to 20.7 percent (from 4.6 percent) on a non-diluted basis, and to 10.7 percent (from 2.4 percent) on a fully diluted basis, thereby strengthening its ownership position in TJPS,” JSW Energy noted in an exchange filing.
The Target Company is engaged in the manufacturing, maintenance, and servicing of mid-to-large size (500 MW – 1,000 MW) supercritical steam turbine generator (“STG”) units in India. Post-acquisition, JSW Energy’s shareholding in the Target Company shall increase to 10.73 percent on a fully diluted basis.
“The transaction is expected to be completed on or before 15th June 2026, subject to fulfilment of the conditions under definitive agreements,” JSW Energy noted further.
The transaction team was led by partner, co-head – projects (energy & energy transition) Ramanuj Kumar, and partner Aiswarja Mohanty with support from senior associate Kumar Mangalam.
The legal due diligence team was led by partner, co-head – projects (energy & energy transition) Ramanuj Kumar and partner Aishwarja Mohanty with support from senior associate Kumar Mangalam, and associates Megha Mehta and Rashika Bhardwaj.
