JSW Energy is reportedly negotiating with JP Group to purchase two coal-based power projects in Madhya Pradesh, India.
JSW Energy is planning to acquire JP Power's Bina and Nigrie thermal power projects for approximately INR100bn ($1.6bn).
The 1,320MW Nigre thermal power project is 49% owned by JP Group while the remaining 51% stake is owned by Madhya Pradesh State Mining.
JP Group completely owns the 500MW Bina thermal power project.
JP Power executive told Hindustan Times: "There are many discussions which happen but we have not firmed up anything with JSW for any of our projects."
JSW Energy senior executive said that the company is considering various options and is yet to consolidate plans of taking over specific assets.
The Bina power plant is expected to carry an enterprise value of INR35bn ($574.4m) while the Nigrie power project is expected to be more than INR90bn ($1.47bn), provided the deal, if signed, includes coal JV with the Madhya Pradesh state.
In a statement, JSW Energy said: "The company continues to evaluate various opportunities, both organic and inorganic, as part of its growth strategy. However, the Company is not in any conclusive discussions for any particular project at this stage."
JSW Energy is also in talks to replace Jaiprakash Associates (JAL) with Madhya Pradesh State Mining from the 49:51 joint venture for the coal requirements of the Nigrie plant, The Economic Times reported.