Jindal Power emerges frontrunner to acquire Apraava's Haryana project
Jindal Power Ltd (JPL), owned by Naveen Jindal, is likely to acquire Jhajjar Power's 1,350 MW thermal power project in Haryana from Apraava Energy for ₹4,000 crore. JPL has signed an exclusivity agreement and anticipates finalizing the deal within a month.
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Naveen Jindal-owned Jindal Power Ltd (JPL) has emerged the frontrunner to acquire 1,350 MW thermal power project Jhajjar Power in Haryana from Apraava Energy (formerly CLP India) valuing the unit at ₹4,000 crore, said multiple people aware of the development. JPL has signed an exclusivity agreement with Apraava for negotiations and expects to wrap up the deal in a month.HSBC and Axis are advising Apraava on the sale process.JPL was competing with Czech Republic's Sev.en Global Investments to acquire Jhajjar Power, ET first reported in April. Several other players, such as JSW Power, NTPC, and a couple of global infrastructure funds also explored the deal but did not pursue it further.Apraava Energy is jointly owned by Hong Kong-based CLP (formerly China Light & Power) Group and Canadian pension fund Caisse de depot et placement du Quebec (CDPQ). Its total portfolio of 3,000 MW is a combination of fossil fuels and renewable power. CLP India is owned by the CLP Group, one of the largest investor-owned power businesses in Asia.JPL did not reply to an email request for comment till Press time, while Apraava Energy spokesperson declined comment.The 1,320 MW power project located in Jhajjar district has been commercially operational from 2012. The plant delivers 90% of its output to Haryana and the remaining to Tata Power Trading Company.The Naveen Jindal Group, through Jindal Power, operates 4,300 MW of thermal power capacity with thermal power stations in Tamnar, Chhattisgarh; Shirpur, Maharashtra; and Simhapuri, Andhra Pradesh.Jindal Group is also targeting 12 GW of renewable power capacity, along with storage facilities and large-scale green hydrogen production by 2030.Thermal power plants have become an attractive bet for companies as India is overly reliant on coal owing to a mix of economic and geographic factors, security, and low-cost power for the country.In February 2025, thermal power accounted for 110.4 billion units of power generation to India's grid, according to the Central Electricity Authority of India, while renewable energy contributed just 19.28 billion units of generation. The authority expects coal to account for 32.4% of the country's installed capacity by 2029-30, down from 49% now.
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