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Friday, 26 September 2014

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JP Power rises 13%, Sells 3 plants to JSW Energy on 26 September 2014

Shares of JP Power Ventures rose 13 percent intraday on Friday after it has inked a binding memorandum of understanding (MoU) with JSW Energy for selling three plants of 1,891 MW capacity.

These include 300 MW Baspa-II and 1091 MW Karcham Wangtoo hydro electric plant and 500 MW Bina thermal power plant. It seems to be third time lucky for the JP Group, as a day after Reliance Power pulled the plug, JSW Energy stepped in as the Saviour.

"The deal is premature to disclose the value of the deal as numbers are derivative," Jindal said. Meanwhile, JSW Energy will raise debt to complete this transaction, he added.

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