JSW Energy Limited has completed the acquisition of Raigarh Champa Rail Infrastructure Private Limited, making it a wholly-owned subsidiary following the implementation of a resolution plan approved by the National Company Law Tribunal (NCLT) Hyderabad Bench on January 21, 2026.
The transaction was executed under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code, 2016, with a total resolution value of ₹700.10 crore. The consideration includes a mix of cash payment and non-convertible debentures (NCDs) issued to financial creditors.
The acquisition strengthens JSW Energy’s thermal power strategy in Chhattisgarh. Raigarh Champa Rail Infrastructure is the sole rail logistics provider for coal transportation to JSW Mahanadi Power Company Limited (JMPCL), formerly known as KSK Mahanadi.
JMPCL operates a 3,600 MW thermal power plant in the Janjgir-Champa district, with 1,800 MW currently operational and the remaining 1,800 MW under construction. The company is targeting revival of the under-construction capacity by 2030. JSW Energy holds a 74% stake in JMPCL, while secured financial creditors own the remaining 26%.
The rail infrastructure company, previously classified as an associate entity, reported revenue of ₹54 crore in FY2024–25. With full ownership, JSW Energy is expected to ensure seamless coal transportation and improve operational efficiency at the plant.
JSW Energy currently has a locked-in generation capacity of 32.1 GW, including 13.3 GW operational, 14.2 GW under construction, and a 4.6 GW pipeline. The company aims to achieve 30 GW of generation capacity and 40 GWh of energy storage by 2030.
