Jaiprakash Power transfers 2 hydel projects to separate co

Jaiprakash Power Ventures has transferred Baspa-II and Karcham Wangto hydel plants -- which are to be sold to JSW Energy -- to a separate company created for the proposed deal.
In a regulatory filing, Jaiprakash Power said the two plants along with their assets and liabilities, among others, have been transferred to Himachal Baspa Power Company Ltd, effective today.
Last November, it was announced that JSW Energy would acquire the two hydel projects from Jaiprakash Power.
Meanwhile, replying to a query from the BSE related to the proposed deal, JSW Energy today said that it is yet to conclude the acquisition.

"The businesses in relation to company's Baspa-II Hydro Power Plant and Karcham Wangtoo Hydro Power Plant alongwith their assets, liabilities, rights, interests, obligations etc stand transferred and vested in Himachal Baspa Power Company Ltd with effect from September 1, 2015," Jaiprakash Power said in a filing to the BSE today.
Both plants are located in Himachal Pradesh.

While Baspa- II has a generation capacity of 300 MW, that of Karcham Wangtoo is 1,091 MW.
As part of the proposed deal, the two plants were to be transferred to Himachal Baspa Power, which was then to be acquired by JSW Energy.

"JSW Energy is yet to conclude the acquisition of Baspa- II and Karcham Wangtoo HEPs and accordingly, has no debt related to these projects on the books," the company said today.
The information was submitted to BSE, which had sought clarification from the company regarding reports that the company was in talks to recast debt.
Announcing the deal in November 2014, JSW Energy said it has agreed to acquire from Jaiprakash Power and other shareholders, 100 per cent stake in Himachal Baspa Power for a base enterprise value of Rs 9,700 crore.
Shares of JSW Energy dropped nearly 7 per cent to close at Rs 70.60 whereas that of Jaiprakash Power fell over 4 per cent to end the day at Rs 5.72 on the BSE.