JSW Energy has received fair trade regulator CCI's approval to acquire 1,000 MW power plant in Chhattisgarh from Jindal Steel and Power Ltd (JSPL).
Under the deal announced in May, the Sajjan Jindal-led firm was to purchase the power plant in Raigarh for Rs 6,500 crore with certain conditions.
Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors, has approved the proposed acquisition, as per its website.
The JSPL board had approved divesting the unit of its subsidiary Jindal Power Ltd (JPL) into a special purpose vehicle for transferring it to JSW Energy.
The enterprise value of the deal is Rs 4,000 crore plus net current assets and "which will be increased to Rs 6,500 crore plus net current assets, if certain pre-arranged conditions regarding fuel security and power off take are satisfied", JSW Energy had said in May.
JSW Energy is engaged in the business of power generation, power trading and transmission, and mining and equipment manufacturing.
JSPL is a player in steel, power, mining, oil and gas and infrastructure in India.