India’s affiliated Jaiprakash hydro developers to combine

Sister hydro developers Jaiprakash Hydro Power Ltd. (JHPL) and Jaiprakash Power Ventures Ltd. (JPVL) have agreed to amalgamate in a stock transaction expected to be completed in fiscal year 2010.

JHPL informed the Bombay Stock Exchange July 3, 2009, that its Board of Directors gave approval in principle to acquiring JPVL by paying three shares of JHPL for every share of JPVL. The transaction is subject to shareholder and legal approval.

JHPL owns and operates the 300-MW Baspa 2 hydroelectric project in Himachal Pradesh. It also is developing the 2,000-MW Siang Lower, 600-MW Hirong, 1,200-MW Karcham Wangtoo, 270-MW Umngot, and 450-MW Kynshi 2. (HydroWorld 4/7/08)

JPVL operates the 400-MW Vishnuprayag hydropower project in Uttarakhand State and has lined up a number of investments in various power projects across the country in excess of 6,000 MW. (HydroWorld 7/2/08)

JHPL also told the stock exchange that its board authorized raising funds via a public offer up to an aggregate of 15 billion rupees (US$308.6 million) for the projects to be implemented by the combined entity. The offering is subject to shareholder approval.


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