JSW Energy rallies 3% after subsidiary gets nod to recovery from TN discom

The Arbitral Tribunal issued an Award allowing IBEUL’s claim for recovery of Rs. 120 Crores from TANGEDCO along with 9 percent interest from the date of wrongful encashment of performance bank guarantee by TANGEDCO till payment of the entire amount”.

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Shares of JSW Energy gained nearly 3 percent a day after its subsidiary was awarded a claim for recovery from Tamil Nadu Generation and Distribution Corporation Limited (Tangedco). At 9:20 am, the stock was trading at Rs 618.40.

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In an exchange filing on April 17, JSW Energy reported that the Arbitral Tribunal had issued an award to Ind-Barath Energy (Utkal) Limited (IBEUL), which is a subsidiary of their company, for arbitration against Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO)
regarding disputes arising out of the Power Purchase Agreement on August 8.

The Arbitral Tribunal issued an Award allowing IBEUL’s claim for recovery of Rs 120 crore from Tangedco along with 9 percent interest from the date of wrongful encashment of performance bank guarantee by Tangedco till payment of the entire amount”. They also rejected Tangedco’s counterclaim for recovery of Rs 118 crore as penalty and Rs 200 crore towards termination charges.

Also read: JSW Energy plans to be more aggressive in solar, wind power bids: CEO and CFO

In a recent interaction with Moneycontrol, JSW Energy’s joint managing director and chief financial officer Sharad Mahendra, and chief financial officer and director (finance) Pritesh Vinay said that the company is looking at backward integration by getting into manufacturing for wind and solar power equipment in order to de-risk growth plans from supply chain disruptions. They are also working on plans for battery storage manufacturing.

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