Jaypee Group barred from selling projects.

The Rs. 10,500 crore deal of Jaiprakash Power Ventures Limited, a subsidiary of Jaypee Group, with Abu Dhabi National Energy Company PJSC (TAQA), for two hydro projects located in Kinnaur district having having combined generation capacity of 1391MW has become a bone of contention between Himachal Pradesh government and Jaypee Group. While state power minister Sujan Singh Pathania said recently that sale of projects would not be allowed.

Minister for power Sujan Singh Pathania said that both projects would remain only with Jaypee group and they would not be allowed to sell further to Abu Dhabi based company. 'The stand of state government is clear on the issue as the project would remain only with Jaypee group and their selling would not be allowed,' he added.

Spokesperson of Jaypee Group Askari Zaidi said that they are not aware about the decision of state government on the deal. 'We have not received any information or communication from the government. But for us the deal is on,' he said. In March this year, Jaypee Group had announced to sell its two hydro power projects, Karchham - Wangtoo and Baspa - to a consortium led by Abu Dhabi National Energy Company PJSC (TAQA), the international energy and water company from Abu Dhabi, for Rs. 10,500 crore.

Both plants are located in Kinnaur district within two kilometres of each other and share support facilities. They use run-of-the-river technology to convert natural water flow to electricity, eliminating the need for a reservoir. The plants are 35 kilometres from Sorang hydroelectric plant, in which TAQA acquired a stake last year.

TOI