Jaiprakash Power Venture Ltd. has won government approval to sell two of its hydroelectric power projects to JSW Energy Ltd for INR 9,700 crores (US$1.6 billion).
The Competition Commission of India, which was asked by JSW Energy for approval for the transaction, gave the clearance. “The proposed combination is not likely to have appreciable adverse effect on competition in India and, therefore, the commission hereby approves the proposed combination,” CCI said.
The assets include in the sale are the 300-megawatt Baspa II and the 1,091-MW Karcham Wangtoo projects, both in Himachal Pradesh state. The deal between the two companies was signed last November.