The board of directors of Jaiprakash Power Ventures, a part of the Jaypee Group, on Saturday approved sale of two of its hydro power projects in Himachal Pradesh to a consortium led by Abu Dhabi National Energy Company PSJC (TAQA) for about Rs 11,000 crore. The company is likely to make an official announcement to this effect on Monday.
“The board has approved the deal and details would be announced on Monday when the minister from Abu Dhabi will come down to Mumbai to sign on the deal with Jaypee Group,” said a source close to the development.
Jaiprakash Power would sell its two hydro power assets — 300 MW Baspa-II and 1,000 MW Karcham Wangtoo projects — helping it to cut down its debt of Rs 19,000 crore by R6,000 crore. Saturday’s board meeting was held to consider the recommendations of the audit committee aiming at reduction of debt and unlocking the shareholders’ value.