JSWENERGY

By Sarita Chaganti Singh

NEW DELHI, April 18 (Reuters) - India is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move mainly to attract U.S. firms that have been holding back due to the risk of unlimited exposure.

The proposal by Prime Minister Narendra Modi's government is the latest step to expand nuclear power production capacity by 12 times to 100 gigawatts by 2047 as well as provide a fillip to India in trade and tariff negotiations with the U.S.

A draft law prepared by the department of atomic energy removes a key clause in the Civil Nuclear Liability Damage Act of 2010 that exposes suppliers to unlimited liability for accidents, the three sources said.

India's atomic energy department, the prime minister's office and the finance ministry did not respond to requests seeking comment.

"India needs nuclear power, which is clean and essential," said Debasish Mishra, chief growth officer at Deloitte South Asia.

"A liability cap will allay the major concern of the suppliers of nuclear reactors."

The amendments are in line with international norms that put the onus on the operator to maintain safety instead of the supplier of nuclear reactors.

New Delhi is hoping the changes will ease concerns of mainly U.S. firms like General Electric Co GE.N and Westinghouse Electric Co that have been sitting on the sidelines for years due to unlimited risks in case of accidents.

Analysts say passage of the amended law is crucial to negotiations between India and the U.S. for a trade deal this year that aims to raise bilateral trade to $500 billion by 2030 from $191 billion last year.

Modi's administration is confident of getting approval for the amendments in the monsoon session of parliament, set to begin in July, according to the sources.

Under the proposed amendments, the right of the operator to compensation from the supplier in case of an accident will be capped at the value of the contract. It will also be subject to a period to be specified in the contract.

Currently, the law does not define a limit to the amount of compensation an operator can seek from suppliers and the period for which the vendor can be held accountable.

LAW GREW OUT OF BHOPAL DISASTER

India's 2010 nuclear liability law grew out of the 1984 Bhopal gas disaster, the world's deadliest industrial accident, at a factory owned by U.S. multinational Union Carbide Corp in which more than 5,000 people were killed.

Union Carbide agreed to pay an out-of-court settlement of $470 million in damages in 1989.

The current liability law effectively shut out Western companies from a huge market, and also strained U.S.-Indian relations since they reached a deal on nuclear cooperation in 2008.

It also left U.S. firms at a disadvantage to Russian and French companies whose accident liability is underwritten by their governments.

The draft law also proposes a lower liability cap on small reactor operators at $58 million, but is unlikely to alter the cap for large reactor operators from the current level of $175 million, the three sources said.

India is betting big on nuclear power to meet its rising energy demand without compromising on net-zero commitments, for which it proposes to allow private Indian companies to build such plants.

Indian conglomerates like Reliance Industries RELI.NS, Tata Power TTPW.NS, Adani Power ADAN.NS and Vedanta Ltd VDAN.NS have held discussions with the government to invest around $5.14 billion each in the sector.

($1 = 85.6320 Indian rupees)

(Reporting by Sarita Chaganti Singh, Editing by Raju Gopalakrishnan.)

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April 9 (Reuters) - JSW Energy Ltd JSWE.NS:

• NEO COMPLETES ACQUISITION OF 4.7 GW RE PLATFORM FROM O2 POWER

• PLATFORM VALUED AT 124.68 BILLION RUPEES

• 135 BILLION RUPEES CAPEX TO REACH 4696 MW CAPACITY BY JUNE 2027

• TO HAVE EBITDA GENERATION OF 15 BILLION RUPEES FROM 2,259 MW CAPACITY (LIKELY TO BE OPERATIONAL BY JUNE 2025)

Source text: ID:nBSE2SStGN

Further company coverage: JSWE.NS

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April 1 (Reuters) - JSW Energy Ltd JSWE.NS:

• JSW ENERGY LTD - INSTALLED GENERATION CAPACITY AT END OF FY2025 STANDS AT 10.9 GW

• JSW ENERGY LTD - IN Q4 OF FISCAL YEAR, CO HAS ADDED 2.8 GW OF OPERATIONAL CAPACITY

Source text: ID:nBSE23whxP

Further company coverage: JSWE.NS

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MUMBAI, March 19 (Reuters) - India's JSW Energy JSWE.NS has accepted bids worth an aggregate of 8 billion rupees ($92.5 million) for bonds maturing in three years and in five years, three merchant bankers said on Wednesday.

The company will pay an annual coupons of 8.75% and 8.80% on the three-year and five-year bonds, respectively, and had invited bids from bankers and investors earlier in the day, bankers said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 19:

*Size includes base plus greenshoe for some issues

($1 = 86.5075 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra
Editing by Sonia Cheema)

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** Shares of JSW Energy JSWE.NS rise 3.2% to 530.35 rupees

** Brokerage Jefferies raises JSWE's price target to 700 rupees from 680 rupees, retains "Buy" rating

** JSWE should see 54% capacity growth to 15.7 GW from O2's 2.3 GW renewable energy acquisition, 350 MW Ind-Bharath coal, and 7.6 GW construction renewable energy projects - note

** Jefferies sees execution delays and aggressive bidding as risks

** Analysts have average rating of "Buy" with average price target of 617.38 rupees - LSEG

** JSWE down ~17% YTD

(Reporting by Vijay Malkar)

(([email protected];))

** Thermal and renewable power provider JSW Energy JSWE.NS up 5.38% at 507.1 rupees

** Competition Commission of India approves co's acquisition of KSK Mahanadi Power Company (KPMCL)

** KPMCL owns a 3600 MW thermal power plant in Chhattisgarh state, of which units producing 1800 MW are operational and the remaining under construction

** Acquisition to take JSWE's total locked-in thermal generation capacity to 7.5 GW, accelerating expansion ahead of target, co has said

** With session's gains, stock now largely flat in the last 12 months

(Reporting by Ananta Agarwal in Bengaluru)

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March 4 (Reuters) - JSW Energy Ltd JSWE.NS:

• INDIA COMPETITION REGULATOR: APPROVES PROPOSED ACQUISITION OF 100% SHAREHOLDING IN KSK MAHANADI POWER COMPANY BY JSW ENERGY

Source text: [ID:]

Further company coverage: JSWE.NS

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MUMBAI, March 3 (Reuters) - India's JSW Energy JSWE.NS has accepted bids worth an aggregate of 12 billion rupees ($137.40 million) for bonds maturing in three years as well as five years, three merchant bankers said on Monday.

The company accepted bids worth 7 billion rupees and 5 billion rupees on these issues and will pay annual coupons of 8.75% and 8.80%, respectively.

It had invited commitment bids from bankers and investors for both the bonds on Monday, bankers said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 3:

*Size includes base plus greenshoe for some issues

($1 = 87.3375 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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MUMBAI, Feb 28 (Reuters) - India's JSW Energy JSWE.NS plans to raise 12 billion rupees ($137.3 million) by selling bonds maturing in three years as well as five years, three merchant bankers said on Friday.

The company will pay an annual coupon of 8.75% and 8.80%, respectively, on these issues and will aim to raise 7 billion rupees and 5 billion rupees, they said.

It has invited commitment bids from bankers and investors for both the options on Monday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on February 28:

*Size includes base plus greenshoe for some issues

($1 = 87.3910 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

(([email protected]))

** JSW Energy JSWE.NS climbs 6.2% to 497.5 rupees, eyes fourth straight session of gains

** Stock top gainer on Nifty Next 50 Index .NN50, which is down 0.87%

** Morgan Stanley initiates coverage with "overweight" rating on stock; sets PT of 545 rupees

** Adds, co saw strong market share gains in recent bids at reasonable tariffs

** JSWE has well-integrated business model and is one of the top Indian utilities to play the future of energy, the brokerage said

** Green renewable energy business, investment in storage assets and expansion of thermal business inorganically aid growth

** More than 8.5 mln shares change hands, 1.6x its 30-day avg

** 13 analysts covering the stock on avg have a "buy" rating; median PT is 630 rupees - LSEG data

** Stock gained ~14% this week, eyes best weekly gain since Jan. 2024

(Reporting by Ashna Teresa Britto in Bengaluru)

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Corrects company name in paragraph 4 to British International Investment from British International Investment Fund

Feb 12 (Reuters) - State-owned explorer Oil and Natural Gas Corporation (ONGC) ONGC.NS said on Wednesday that its joint venture with utility firm NTPC Green Energy NTPG.NS will acquire Ayana Renewable Power, which operates solar and wind plants.

Ayana is valued at $2.3 billion including debt, ONGC said in a statement.

The 50-50 joint venture outbid JSW Energy JSWE.NS for the renewable energy firm, Reuters had reported in November, citing sources.

Ayana, owned by quasi-sovereign wealth fund National Investment and Infrastructure Fund, British International Investment and Green Growth Equity Fund, operates plants that produce 1,600 megawatts in India and has another 2,500 megawatts in such projects under construction.

The acquisition comes at a time when large power producers in India are betting big on renewables and making pledges to expand their green energy capacities.

The Indian government has pledged to add 500 gigawatts of clean energy by 2030 to reduce carbon emissions.

(Reporting by Hritam Mukherjee and Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)

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Feb 7 (Reuters) - JSW Energy Ltd JSWE.NS:

• JSW ENERGY LTD - UNIT SIGNS POWER PURCHASE AGREEMENT WITH AMAZON FOR 180 MW WIND POWER

• JSW ENERGY - AIMS TO REACH 20 GW GENERATION CAPACITY, 40 GWH OF ENERGY STORAGE CAPACITY BEFORE 2030

Source text: ID:nBSE9CCyhr

Further company coverage: JSWE.NS

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** Shares of JSW Energy JSWE.NS down 7.2% to 467.95 rupees, their lowest levels since mid-March

** The power producer reported an over 27% y/y drop in Q3 consol net profit at 1.68 bln rupees ($19.4 mln) on tepid domestic power demand

** Analysts at Jefferies retain "buy" on stock, cut price target (PT) by ~21% to 680 rupees - a 35% upside on last close

** Q3 EBITDA was sharply lower than expected as reduced prices and flattish fuel costs hurt - Jefferies

** Drop in earnings due to overall softness in the merchant market due to sluggish power demand growth - Antique Stock Broking

** Slashes PT by ~11% to 563 rupees, keeps "hold" rating

** Stock eyes busiest trading session in a month, volumes at 3.3x the 30-day avg

** Stock gained 57% in 2024 vs ~28% rise in Nifty next 50 index .NN50

($1 = 86.6000 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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Jan 27 (Reuters) - India's steel-to-power JSW Group said on Monday that it will foray into mining of non-ferrous metals.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)

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Jan 23 (Reuters) - JSW Energy Ltd JSWE.NS:

• TO CONSIDER RAISING OF LONG TERM FUNDS

Source text: ID:nBSE1zXltL

Further company coverage: JSWE.NS

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Jan 21 (Reuters) - Billionaire Sajjan Jindal-led JSW Group said on Tuesday that it will invest 3 trillion rupees ($34.67 billion) in the Indian state of Maharashtra to expand the conglomerate's presence in electric vehicles, batteries, steel, and green energy sectors.

The ports-to-cement JSW conglomerate and the government of the western Indian state of Maharashtra - home to the country's financial hub of Mumbai - signed an agreement on the sidelines of the World Economic Forum, in Davos, Switzerland.

The investment will fund facilities for electric vehicle and lithium-ion battery production, steel manufacturing expansion, and renewable energy projects, including solar modules.

State chief minister Devendra Fadnavis, in a post on social media platform X, said that the investment would create 10,000 jobs and provide a "huge boost to Maharashtra's industrial environment."

The Maharashtra government will offer fiscal incentives and expedite clearances for the group's projects as part of the agreement, JSW said.

($1 = 86.5400 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Tasim Zahid)

(([email protected]; X: @MukherjeeHritam;))

Jan 15 (Reuters) - JSW Energy Ltd JSWE.NS:

• SYNCHRONISATION OF JSW ENERGY (UTKAL) LIMITED'S UNIT 2 (350 MW) THERMAL POWER PLANT

Source text: ID:nBSE6j0ybC

Further company coverage: JSWE.NS

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** Shares of JSW Energy JSWE.NS rise as much as 5.2% to 544.80 rupees

** Energy producer gets letter of intent to acquire KSK Mahanadi Thermal Power Plant (KMPCL) under corporate insolvency resolution process

** KMPCL owns 3.6 GW thermal power plant located in the state of Chhattisgarh

** In Oct. 2024, Economic Times reported JSW Energy was top bidder for KMPCL, offering 159.85 bln rupees ($1.9 bln) to financial creditors and outbidding Adani Power ADAN.NS

** JSW later confirmed its offer was the highest, but did not confirm the value of the bid

** Stock on track to snap eight-session losing streak

** Avg rating of 12 analysts equivalent of "buy", median PT is 739.60 rupees - LSEG data

** Stock rose 57.1% in 2024

($1 = 86.5270 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

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Jan 13 (Reuters) - JSW Energy Ltd JSWE.NS:

• JSW ENERGY LTD - RECEIVES LOI FOR KSK MAHANADI POWER COMPANY

• JSW ENERGY LTD - CO'S RESOLUTION PLAN FOR KSK MAHANADI POWER COMPANY APPROVED

• JSW ENERGY LTD - RESOLUTION PLAN FOR KSK MAHANADI POWER CO APPROVED

Source text: ID:nBSE8lSNmt

Further company coverage: JSWE.NS

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Jan 10 (Reuters) - JSW Energy Ltd JSWE.NS:

• JSW ENERGY LTD - HETERO PORTFOLIO VALUED AT ENTERPRISE VALUATION OF 6.30 BILLION RUPEES

• JSW ENERGY LTD - COMPLETES ACQUISITION OF 125 MW RE ASSETS FROM HETERO GROUP

Source text: ID:nNSEbqxyt5

Further company coverage: JSWE.NS

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** JSW Energy JSWE.NS ends 5.2% lower, worst day in 6 months

** India's power regulator, CERC, rejects proposed tariff for battery energy storage systems projects awarded by Solar Energy Corp of India to JSWE unit

** Unit was awarded 500 MW capacity at tariff of 1.08 mln rupees ($12,588) per MW per month for 12 years

** Power regulator says rates in subsequent bids for similar projects considerably lower and says difference due to SECI's 145-day delay in issuing letter of award

** JSWE to file appeal against CERC rejection

** JSWE's RSI falls to 29.4, suggesting stock might be oversold -LSEG

** JSWE gained 57% in 2024

($1 = 85.7970 Indian rupees)

(Reporting by Vijay Malkar)

(([email protected];))

Corrects milestone in last bullet to 2021, from 2020

** Shares of JSW Energy JSWE.NS jump 5.3% to 659 rupees

** Energy producer acquires units of renewable power producer O2 Power in $1.47 bln deal

** ICICI Securities double-upgrades stock to "buy" from "hold", saying the deal is "value-accretive" and complements JSWE's renewable energy portfolio (raises PT to 720 rupees)

** Motilal Oswal maintains "buy", PT of 810 rupees and highlights O2 Power's "high-quality assets"

** Motilal estimates deal will unlock 57 rupees/shr in value, once completed, while ICICI estimates 75 rupees/shr

** Analysts tracking JSWE rate it "buy" on avg - LSEG data

** Stock up 61% YTD, on track for best year since 2021

(Reporting by Nandan Mandayam in Bengaluru)

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Dec 27 (Reuters) - Indian billionaire Sajjan Jindal-led JSW Energy JSWE.NS said on Friday its JSW Neo Energy unit will acquire renewable energy platform O2 Power's subsidiaries in a deal worth $1.47 billion.

The acquisition aligns with JSW Energy's target of achieving 20 GW renewable-led capacity before fiscal 2030 amid a strong government push for higher clean energy capacity.

JSW Energy will acquire a renewable portfolio of 4.7 GW from O2 Power, which is backed by Singapore state-owned Temasek and EQT Infrastructure.

EQT will exit O2 Power following the deal, the Sweden-based private equity firm said in a filing.

About 2.26 GW of capacity will be operational by June 2025, with the remainder scheduled to be commissioned by June 2027.

The proposed acquisition is expected to be completed on or before May 26, 2025, according to an exchange filing.

The JSW Group company's renewable energy segment is its second-biggest revenue generator, as per JSW Energy's September quarter earnings report.

The Indian government is ramping up investments in the renewable energy sector as it pushes to meet its 2030 clean energy target after falling short of its much-publicized 2022 renewables goal.

(Reporting by Manvi Pant in Bengaluru; Editing by Tasim Zahid)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Dec 24 (Reuters Breakingviews) - Dealmaking is coming for India’s renewable energy industry in 2025. More than a dozen generators of wind and solar power are looking for new owners as private equity-style firms like Brookfield Asset Management, as well as industry players like Siemens and Enel, look for an exit. Despite New Delhi’s target of renewables providing half the country’s electricity by 2030, success isn’t assured.

Hitting that goal will require around $200 billion of investment, analysts at Nomura reckon. But companies are getting finicky about deploying capital in a market where tariffs for solar power – the single largest subcategory – have moved in a narrow range since 2019.

Sellers may be overly optimistic on valuations, too. Investment fund owners like Brookfield, GIC and Macquarie spent much of 2024 scouting for and haggling with prospective buyers. India’s Inox Wind hinted on an earnings call in October that the Siemens Gamesa wind assets it took a look at were overpriced.

Some deals are set for completion after months of wrangling. A unit of Malaysia’s Petronas has agreed to buy part of Brookfield’s portfolio for $900 million, the Economic Times reported in November. Other potential buyers include JSW Energy’s JSWE.NS renewables unit and Singapore’s Sembcorp. Perhaps the biggest test will be what happens to GIC’s 50% stake in Greenko, which has 7.5 gigawatts of net installed capacity; Bloomberg reported in October that the Singapore sovereign wealth fund was considering selling part or all of its holdings.

Those who cannot secure an industry sale do have another option: an initial public offering. Public markets in India are now seen as mature enough to buy into companies in emerging sectors with earnings some way off. That’s a far cry from 2021 when ReNew Energy RNW.O, the country’s second-largest green power producer by capacity, went public on Nasdaq by merging with a blank-cheque company.

State-owned NTPC Green Energy’s NTPG.NS strong public market debut in late 2024 will buoy sentiment. A listing may work best for companies that have scaled up to a couple of gigawatts, such as Brookfield-backed CleanMax, and Hero Future Energies, whose sponsors include KKR KKR.N. It could be harder for firms with smaller amounts of installed capacity and less or no cash flow.

The coming shakeout in Indian renewables will reveal whose capital New Delhi might be able to rely on as its 2030 goal looms.

Follow @ShritamaBose on X

This is a Reuters Breakingviews prediction for 2025. To read more of our predictions, click here.

(Editing by Antony Currie and Oliver Taslic)

((For previous columns by the author, Reuters customers can click on BOSE/
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By Aditi Shah and Neha Arora

NEW DELHI, Dec 17 (Reuters) - South Korea's LG Energy Solution is in talks with India's JSW Energy to manufacture batteries for electric vehicles and renewable energy storage in a joint venture that would need an investment of over $1.5 billion, two sources told Reuters.

The two companies have signed an initial agreement to form an equal partnership in which LGES 373220.KS will contribute the technology and equipment for making batteries and JSW JSWE.NS will invest money, said one of the sources.

The discussions include setting up a plant in India with a total capacity of 10 gigawatt hours of which JSW is likely to use about 70% for energy storage and electric vehicles and LGES will take the remainder, both sources said.

"LGES wanted a partner in India and JSW is interested because it is coming up with its own brand of EVs starting with buses and trucks, and later on cars," said the second person.

The agreement is non-binding and both companies expect to finalise the talks over coming months, said the two sources who have direct knowledge of the discussions but declined to be identified as the talks are still private.

"We are exploring various potential business options and monitoring market situation closely," LGES said in a statement, adding that it does not have any specific plans for India.

JSW Energy declined to comment.

Reuters reported last year that LGES and JSW were in early talks to build batteries together in India.

For LGES, which supplies Tesla TSLA.O, General Motors GM.N and Hyundai 005380.KS, the joint venture will establish its manufacturing presence in India where it is the top battery supplier to e-scooter makers like Ola Electric OLAE.NS and home-grown rival TVS Motor TVSM.NS.

It also gives LGES an opportunity to lower its risk of manufacturing in a country where the EV market is still in its infancy. Slowing EV demand elsewhere in the world has already forced it to reduce capital expenditure next year.

For JSW, whose billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs, this will be an opportunity to secure supplies locally for its energy business while bringing down the cost of its EVs.

The Indian steel-to-energy group last year formed a joint venture with China's SAIC Motor 600104.SS giving it a 35% stake in the Chinese carmaker's India unit, MG Motor, which it is now helping grow.

"JSW has proposed a 25-year agreement to LGES," said the second person, adding that the Indian company continues to engage with other battery players as well.

The companies would like the plant to be operational before the end of 2026 and expect to make a final decision in about 3-4 months, the first person said.

If the venture goes ahead it will be a win for India's Prime Minister Narendra Modi's government that is offering companies billions of dollars in incentives to boost local manufacturing of clean cars.

Domestic carmakers Tata Motor TAMO.NS and rival MG Motor dominate India's electric car sales, while home-grown brands like Ola, TVS and Bajaj Auto BAJA.NS lead e-scooter sales.

(Reporting by Aditi Shah and Neha Arora in New Delhi, additional reporting by Hyun Joo Jin in Seoul
Editing by Christina Fincher)

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Dec 16 (Reuters) - JSW Energy Ltd JSWE.NS:

• JSW ENERGY REACHES 20 GW LOCKED-IN CAPACITY, SECURES 445 MW OF C&I PROJECTS

Source text: ID:nBSE4TlTpv

Further company coverage: JSWE.NS

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Dec 12 (Reuters) - JSW Energy Ltd JSWE.NS:

• CLARIFICATION ON RECENT MEDIA REPORTS AT RATNAGIRI

• CLARIFIES NO GAS STORAGE FACILITY AT RATNAGIRI PLANT

• NOT INVOLVED IN RECENT INCIDENT OF GAS RELEASE REPORTED IN MEDIA

Source text: ID:nBSE1dhGWv

Further company coverage: JSWE.NS

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Dec 6 (Reuters) - JSW Energy Ltd JSWE.NS:

• JSW ENERGY LTD - EXECUTES AGREEMENT FOR 1,600 MT BARTAP COAL MINE

Source text: ID:nBSEzCrVZ

Further company coverage: JSWE.NS

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Nov 22 (Reuters) - JSW Energy Ltd JSWE.NS:

• GOT AN ADMINISTRATIVE WARNING LETTER FROM SEBI

• SEBI LETTER IN CONNECTION WITH CERTAIN TRADES EXECUTED BY CERTAIN DESIGNATED PERSONS

Source text: ID:nBSE5D5ZHv

Further company coverage: JSWE.NS

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By Sarita Chaganti Singh

NEW DELHI, Nov 15 (Reuters) - A joint venture between India's NTPC Green Energy and ONGC Green Energy is the highest bidder for Ayana Renewable Power having bid about $650 million, two people involved in the deal told Reuters.

The venture outbid JSW Energy JSWE.NS for the renewable energy firm backed by quasi-sovereign wealth fund National Investment and Infrastructure Fund, the people said.

(Reporting by Sarita Chaganti Singh; Editing by Christopher Cushing)

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