The world’s largest coal producer, blamed for the recent power shortage, is facing an existential crisis that may not entirely be its doing.
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With three promoters—Reliance, Shapoorji Pallonji Group and the Daruvala family—the EPC firm is already treading on thin ice. The prospect of a disagreement or distress sale upsetting the delicate balance is a constant worry for investors.
Ostensibly competing suppliers of imported coal, the two business groups are joined at the hip and may actually be helping each other out, finds an investigation.
Armed with a war chest, the energy business of the JSW Group plans to duke it out, but in a way that’s uncharacteristic of India’s renewables sector.