Billionaire Sajjan Jindal-led JSW Energy on Monday said it will buy GMR Energy Ltd’s 1,050MW thermal power plant in Odisha for Rs 5,321 crore.

JSW Energy signed a share purchase agreement to acquire 100 per cent of GMR Kamalanga Energy Ltd, which owns and operates a 1,050MW (3x350 MW) thermal power plant in Odisha, for Rs 5,321 crore (subject to working capital and other adjustments), the company said in a statement.

“Post-acquisition, the total installed power generation capacity of the company will increase to 5,609 MW,” it said.

The buyout will expand JSW Energy’s presence in the eastern region of the country and diversify its fuel mix and offtake arrangements. The transaction is subject to customary regulatory and other approvals for its completion.

Of the Rs 5,321-crore enterprise value of GKEL, JSW Energy will pay promoters Rs 755 crore in upfront cash and another Rs 615 crore on achieving different milestones.