TAQA India Withdraws From Buying JPVL's Power Assets
Jaiprakash Power Ventures in a filing to Bombay Stock Exchange said that TAQA India Power Ventures has withdrawn from acquisition agreement dated March 1, 2014 to acquire its power assets of Karcham & Baspa Hydro Power Projects in Himachal Pradesh.
TAQA India said they are withdrawing from this decision due to a change in the business strategy and priorities of their group.
Jaiprakash Power Ventures had entered into an agreement to sell this asset for Rs 10,500 crore in an effort to reduce its debt. Analysts expect Jaiprakash Power can get a better valuation for this asset.
As of 1.05 p.m. shares in Jaiprakash Power Ventures traded 5.80 per cent lower at Rs 19.50 against 0.08 per cent loss in Nifty.
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