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HindustanTimes Wed,01 Oct 2014

Reliance Power buys hydro power portfolio of Jaypee

HT Correspondent, Hindustan Times  New Delhi, July 27, 2014
First Published: 22:36 IST(27/7/2014) | Last Updated: 09:44 IST(28/7/2014)

Anil Ambani Group company Reliance Power emerged as a dark horse, beating rivals like Adani Power and JSW, to win a deal to buy the entire hydro power portfolio of Jaiprakash Associates Ltd comprising three operating plants.

The deal is valued at close to Rs. 12,000 crore, making it the largest in India’s infrastructure sector.

"Reliance CleanGen Ltd (RCL), a 100% subsidiary of Reliance Power and Jaiprakash Power Ventures Ltd (JPVL), a subsidiary of Jaiprakash Associates Ltd (JAL), today announced the signing of an exclusive memorandum of understanding for the 100 per cent acquisition by RCL of the entire hydro-electric power portfolio of JPVL," said a joint statement by Reliance Power and JAL.

The deal comes two days after a consortium led by Abu Dhabi National Energy , also known as Taqa, withdrew from an agreement to buy two of JAL's hydro-power plants in Himachal Pradesh in a deal estimated at Rs. 9,689 crore. Adani Power and Sajan Jindal's JSW Ltd were then considered the frontrunners to bag this deal.

SBI Capital Markets Ltd is the adviser to Reliance Power for the proposed transaction, which will be completed within the next 4-5 months.

http://www.hindustantimes.com/Images/popup/2014/7/28-07-14-pg15a.jpg


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