Sajjan Jindal’s JSW Energy has completed documentation to acquire 100 per cent stake in the two power plants with a combined capacity of 1391 MW from JPVL and other shareholders for Rs. 9700 crore.
The JPVL board has agreed the transfer of its two hydro-electric projects (300 MW Baspa II and the 1091 MW Karcham Wangtoo, located in Himachal Pradesh into a separate company called HBPC Ltd – Himachal Baspa Power Company Ltd as a scheme of arrangement which would be eventually acquired by JSW Energy. JSW Energy proposes to acquire 100 per cent of the securities of HBPC Ltd held by JPVL, JSW Energy confirmed in its filing to the stock exchanges.
This acquisition makes JSW energy; the largest private sector hydro power producer in the country with a total power generation capacity including thermal power generation will go up to 4531 MW.
The Jaypee group was trying to sell its power projects; to get rid of the mounting debt for almost a year and recently; their talks with Reliance group and Adani group had broken due to some reasons.