Jaiprakash says plans to divest two hydro projects will be pursued

Jaiprakash Power Ventures Wednesday said it decided to drop for the time being a plan to hive off two hydro projects, Baspa-II and Karcham Wangtoo, into two separate subsidiaries after the company that proposed to acquire them pulled out.

"The Jaypee Group in order to enhance stakeholder's value continues to pursue divestment opportunities for these plants and on signing of the definitive documents, the scheme of arrangement thus finalized shall be submitted for approval to stock exchanges," the group said.

"It may be worthwhile to note that said notices issued today to the stock exchange were in continuation to letters sent to stock exchanges July 28 Sep 12, on the same subject," the group added in the statement.

The group said the scheme relating to the divestment of these two projects to TAQA India Power Ventures-led consortium was approved by stock exchanges on June 13. But later, the company withdrew from the said transaction.

This, too, the group said was intimated to the stock exchanges 24 and this, inturn, led the agreement with TAQA India Power Ventures null and void.