JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has acquired a 100% share in Virya Infrapower for ₹75.4 million (~$866,000) in an all-cash transaction. The acquisition was completed on March 12, 2025, the same day the share purchase agreement (SPA) was signed.

This purchase makes Virya Infrapower a step-down subsidiary of JSW Energy.

The acquisition enables JSW Neo access to a ready power site with the necessary infrastructure for accelerated project development in the renewable energy sector.

After the post-closing adjustments outlined in the SPA, the acquisition will be finalized with full cash payment.

Virya Infrapower, incorporated on December 17, 2014, develops renewable energy projects in India. The company has not generated any revenue from operations in the last three financial years.

The transaction does not involve any related party interest, as the promoter or promoter group of JSW Energy has no stake in the acquired entity. No regulatory or governmental approvals were required for the acquisition’s completion.

Recently, JSW Energy raised ₹12 billion (~$137.88 million) through private placement of Non-Convertible Debentures. In a BSE filing, the company said its finance committee had approved the allotment of 120,000 unsecured, rated, listed, taxable, redeemable NCDs, each with a face value of ₹100,000 (~$1,149).

Earlier this year, JSW Energy reported a net profit of ₹1.68 billion (~$19.30 million) in the third quarter of the financial year 2025, a decrease of 27% year-over-year from ₹2.31 billion (~$26.54 million) due to lower revenues from thermal and hydropower projects. The company’s earnings before interest, taxes, depreciation, and amortization fell by 9% to ₹11.15 billion (~$128.88 million).

In December 2024, JSW Neo Energy entered a definitive agreement to acquire a 4,696 MW renewable energy platform from O2 Power Pooling. The acquisition includes O2 Power Midco Holdings and O2 Energy SG.