The bids were submitted after allowing time to the suitors to conduct a limited due diligence that included access to some data and confidential financial information. As the next step, NIIF will communicate a shortlist of suitors over the next few weeks after which two or at best three will be allowed to conduct detailed due diligence, according to the sources.
JSW Neo Energy, Reliance Industries, Lucas TVS, ACME Cleantech, Amara Raja, Anvi Power, and Waaree Energies have participated in a production linked incentive (PLI) auction for new-age battery manufacturing capacity in India. The companies bid for a cumulative capacity of 70 Giga Watt hours (GWh), with sops available only for 10 GWh. Technical bids for Rs 3,620 crore of PLI were opened.
India Business News: Reliance Industries, JSW Neo Energy, and Amara Raja Advanced Cell Technologies compete for a battery gigafactory in India to boost local production. I
Shares of JSW Energy Ltd hit their record high in early deals today its arm JSW Neo Energy received a letter of award from NTPC for setting up a 700 MW solar project. JSW Energy stock gained 4.02% to Rs 651.55 against the previous close of Rs 626.35 on BSE. The multibagger stock has rallied 152.25 per cent in a year and gained 56.29 per cent in 2024.
The only argument in favour of dilution at JSW Neo Energy would have been that the green energy generation companies are commanding higher valuation versus the fossil fuel-based energy generation companies.