JPVL drops hiving off 2 hydel projs into separate subsidiaries

Jaiprakash Power Ventures Ltd has shelved the proposal to hive off two of its hydel projects -- Karcham Wangtoo and Baspa II -- into two separate wholly-owned subsidiaries.
The company is part of 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.
For the scheme of arrangement, the company had received approval of the exchanges on June 13.
The 300 MW Baspa II and 1,000 MW Karcham Wangtoo projects are among those that are proposed to be sold by Jaypee group to Reliance Power in a Rs 12,000-crore deal.

Both projects are located in Himachal Pradesh.
Shares of the company declined nearly six per cent to close at Rs 13.65 on the BSE.