JP Associates, JP Power soar up to 13% on deal with JSW Energy

Shares of Jaiprakash Power Ventures and Jaiprakash Associates today soared by as much as 13 per cent in morning trade after the Jaypee Group inked a binding pact with Sajjan Jindal-led JSW Energy for selling three projects.
Jaiprakash Power Ventures Ltd shares zoomed 12.76 per cent to Rs 13.25 on the BSE.
Similarly, scrips of Jaiprakash Associates surged 12 per cent to Rs 28.85.
In its third attempt to strike a deal for its power assets, Jaypee Group yesterday inked a binding pact with Sajjan Jindal-led JSW Energy for selling three projects, including two hydel plants.
The announcement came after Jaiprakash Power's proposed sale of three hydro projects to Reliance Power had earlier fallen through.

"JSW Energy Limited (JSW) and Jaiprakash Power Ventures Limited (JPVL), announced the signing of binding Memorandum of Understanding (MoU), for the 100 per cent acquisition by JSW of three operational plants of JPVL," the companies had said in similarly-worded statements.
The financial details of the deal, were, however, not disclosed.
These plants are -- 300 MW Baspa-II Hydro Electric Plant, 1,091 MW Karcham Wangtoo Hydro Electric Plant and 500 MW Bina Thermal Power Plant, it added.