JSW Energy has agreed to acquire 100% stake in Himachal Baspa Power Company (HBPCL) for a base enterprise value of approximately Rs 9,700 crore, subject to mutually agreed adjustments. The company will acquire the stake from Jaiprakash Power Ventures and other shareholders.
The board of directors of Jaiprakash Power Ventures (JPVL) has approved the transfer of, the 300 MW Baspa II hydro electric project located at Himachal Pradesh, and the 1091 MW Karcham Wangtoo hydro electric project located at Himachal Pradesh into a separate company, HBPCL, as a going concern through a scheme of arrangement under Companies Act, 1956.
Subsequent to the scheme of arrangement being made effective and subject to other terms and conditions agreed between the company and JPVL, JSW Energy proposes to acquire 100% of the securities of the Target held by JPVL.
