Indian multinational conglomerate JSW Group has reportedly entered an exclusive agreement to acquire energy company Mytrah Energy India Private for an enterprise value of $2bn.

Based in Hyderabad, India, Mytrah is understood to have a 2.3GW operational portfolio that includes 1.7GW of wind capacity and around 535MW of solar power.

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The company was listed on the London Stock Exchange in 2010 after raising $80m from institutional investors, but was delisted in May 2018.

Through this deal, JSW Group aims to increase its renewable energy footprint.

Barclays Bank is understood to have been managing the deal.

Spokespeople from Barclays Bank India, Mytrah Energy and JSW Group all declined to comment.

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JSW Group has been active in the Indian renewable segment, having taken part in the $1.55bn sale of Actis Llp’s renewable energy platform in India to Shell.

The Government of India has set a target to install 500GW of renewable energy capacity by the end of this decade.

JSW Future Energy aims to support the government’s initiative by signing an agreement with Fortescue Future Industries for the production of green hydrogen in the country.

The company aims to install 20GW of capacity by 2030, with renewable energy accounting for 85% of this.

Last month, it was reported that JSW Group was planning to build a pumped-storage hydroelectric power project in West Bengal with 900MW of capacity.

The project was announced by JSW Group chairman Sajjan Jindal at the Bengal Global Business Summit, which was organised by the state government.

The state government has planned for a third pumped storage power plant to be built at the Bandhunala project in Purulia under a public-private partnership model.

In 2019, JSW Group chairman Sajjan Jindal expressed an interest in developing a pumped storage energy project in the state.