Clash of Titans: Jindal Power vs Sev.en in Battle for Apraava’s Mega Thermal Asset

Unknown Apr 02, 2026 6 Views

The bidding to buy out Apraava Energy's 1,320-MW Jhajjar thermal power plant in Haryana has boiled down to two suitors: Naveen Jindal-led Jindal Power and Sev.en Global Investments, a Czech firm. This mega transaction, which is about ₹4,000 crore in size, highlights the increased thirst for c...

The Asset: The 2012-commissioned Jhajjar thermal power plant is of capacity 1,320 MW and supplies 90% of its output to Haryana. It became the first National Capital Region (NCR) plant to set up flue gas desulfurization (FGD) technology in an effort to decrease air pollution.

The Bidders:

Jindal Power: Has 4,300 MW of thermal power capacity in India and plans to diversify into renewable energy with a goal of 12 GW by 2030.
Sev.en Global Investments: A Czech investment company with international operations in thermal power and mining. It recently diversified its portfolio in Vietnam by acquiring a majority interest in the Mong Duong 2 coal-fired power plant.

Valuation and Process: The project is valued at ₹4,000 crore. Due diligence is being undertaken by both companies as part of the acquisition process. Apraava Energy has appointed HSBC and Axis Capital as advisors on the sale.

Apraava Energy Portfolio: Owned jointly by Hong Kong's CLP Group and Canadian pension fund CDPQ, Apraava has a diversified portfolio of 3,000 MW of fossil fuels and renewables. It commissioned a major wind project in Gujarat recently and is developing three solar projects in Rajasthan.

Market Context: The transaction indicates growing interest in coal-based power assets as India strikes a balance between thermal and renewable sources of energy. A few other companies initially considered the acquisition but did not take it forward.

This battle for acquisition points to the strategic significance of thermal power assets in India's energy mix even as the world moves towards renewables.

Sources: Economic Times, Power Line, M&A Critique

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