Will Jaiprakash Power Ventures be third time lucky in its attempt to sell the 1,091 MW Karcham Wangtoo hydro plant and the 300 MW Bapsa II hydro plant? Only time will tell.
After failing to sell the plants to Abu Dhabi National Energy Company (Taqa) and Anil Ambani’s Reliance Power, JPVL on Thursday entered into a memorandum of understanding with Sajjan Jindal’s JSW Energy to sell the plants along with the 500 MW Bina thermal plant for an estimated ₹12,000 crore.
“JSW Energy and JPVL have announced the signing of binding MoU, for the 100 per cent acquisition by JSW of three operational plants of JPVL, namely 300 MW Baspa-II Hydro Electric Plant, 1,091 MW Karcham Wangtoo Hydro Electric Plant and 500 MW Bina Thermal Power Plant,” said JSW in a statement. On Wednesday, JPVL and Reliance Power called off a deal of similar size which included the 400 MW Vishnuprayag hydro power plant instead of the Bina plant.
Earlier, in July, Taqa had backed out of a ₹ 9,698 crore deal to buy the Karcham Wangtoo and Bapsa II plants.