In one of the largest thermal power transactions in recent years, Jindal Power Ltd (JPL), owned by industrialist Naveen Jindal, has signed an agreement to acquire the 1,350 MW Jhajjar Power Project in Haryana from Apraava Energy (formerly CLP India). While the deal value has not been officially disclosed, industry sources estimate it at around ₹4,000 crore.

JPL had earlier emerged as the frontrunner for the acquisition after entering into an exclusivity agreement with Apraava for bilateral negotiations, as per recent media reports. The company was competing with Czech-based Sev.en Global Investments for the asset. The transaction, expected to close within a month, aligns with JPL’s strategy to expand its base-load power portfolio amid sustained demand for thermal energy.

Axis Capital and HSBC acted as advisors to Apraava during the sale process. On Thursday, the Board of Directors of Jhajjar Power Limited, a subsidiary of Apraava Energy, approved the proposal to transfer its entire paid-up share capital to Jindal Jhajjar Power Limited, a wholly owned Jindal Power subsidiary. Two other Apraava entities — Apraava Renewable Energy Private Limited and Kohima-Mariani Transmission Limited — are also part of the proposed transaction, according to an exchange filing.

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Apraava Energy, jointly owned by Hong Kong-based CLP Group and Canadian pension fund CDPQ, has a diversified portfolio of about 3,000 MW across fossil fuel and renewable power assets. Commissioned in 2012, the Jhajjar project was among India’s first supercritical thermal power plants, developed at a cost of approximately $1.2 billion. The plant supplies 90% of its electricity to Haryana utilities and the remainder to Tata Power Trading Company. It also became the first facility in the National Capital Region (NCR) to install flue gas desulphurisation (FGD) technology to reduce emissions.

For the Jindal Group, this acquisition adds substantial scale to its existing 4,300 MW of operational thermal capacity across Chhattisgarh, Maharashtra, and Andhra Pradesh. The company is also pursuing an ambitious clean energy transition, targeting 12 GW of renewable power capacity, including energy storage and green hydrogen, by 2030.

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