Jaypee aborts plan to split hydropower projects into separate firms
24 Sep 2014
Jaiprakash Power Ventures Ltd today announced that it has shelved a proposal to hive off two of its hydroelectric projects - Karcham Wangtoo and Baspa II - into two separate subsidiaries.
Jaiprakash Power Ventures is a part of the diversified Jaypee group.
"The draft scheme of arrangement for hiving off Baspa-II and Karcham Wangtoo Hydro Electric projects of the company to two separate wholly owned subsidiaries ... has been dropped," JPVL said in a regulatory filing today.
The company had received approval of the exchanges for the scheme of arrangement on 13 June.
The 300 MW Baspa II and 1,000 MW Karcham Wangtoo projects are among those proposed to be sold by the Jaypee Group to Reliance Power in a Rs12,000-crore deal.
Both projects are located in Himachal Pradesh.
(See: Reliance Power picks up Jaypee's entire hydro assets for Rs15,000 cr)
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