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The management said that the highly anticipated unlocking of value in JSW Neo Energy, the group’s green energy arm, may not happen soon as its Rs 5,000 crore QIP has provided enough capital for the next two years. JSW Energy is confident of reaching 20 gigawatt capacity ahead of its FY30 target, riding on organic and inorganic growth.
But seeing the way India as an economy has been performing, entire world is looking towards India and the way the power demand driven by the manufacturing growth, the rate of urbanisation and the infra push, which we are seeing the growth, we are quite confident that our target of reaching 20 gigawatt by FY20 will be accelerated and we are quite confident that we will be achieving that number a few years earlier only and this QIP raise is definitely going to be a major enabler for us to accelerate this growth.
In a late regulatory filing, the company said that it will use the proceeds of the QIP for the prepayment of its debt and to invest in its renewable arm, JSW Neo Energy.