KSK Water Infrastructures

KSK Water Infrastructures Private Limited (KWIPL) operates as a special purpose vehicle (SPV) to develop and manage water infrastructure projects. Incorporated on February 26, 2009, the company's primary function is the construction, operation, and maintenance of water supply and treatment systems, including pipelines and pumping stations.

The company was promoted by the KSK Group to supply water from the Mahanadi River to the KSK Mahanadi Power Company Limited (KMPCL) 3,600 MW thermal power plant in Chhattisgarh, India. Its infrastructure consists of an underground pipeline system to transport water to the power plant. As of February 2024, KWIPL was undergoing a Corporate Insolvency Resolution Process (CIRP) and had been categorized by CARE Ratings as an 'issuer not-cooperating' due to a failure to provide necessary information and pay surveillance fees.

In June 2025, the Committee of Creditors approved a debt settlement proposal from JSW Energy, which had previously acquired a majority stake in KMPCL. This led to the withdrawal of the insolvency proceedings against KWIPL, pending approval from the National Company Law Tribunal. Following this, JSW Energy acquired a 51% stake in KWIPL, with its subsidiary KMPCL holding the remaining 49%, to ensure a reliable water supply for its power generation operations.

Keywords: water infrastructure, special purpose vehicle, power plant water supply, water transportation, thermal power, debt settlement, corporate insolvency, project finance, energy sector, infrastructure development