You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

NHPC gains on signing agreement for JPCL acquisition

Capital Market 

NHPC rose 1.01% to Rs 25.05 after the company said it signed a definitive agreement for acquisition of Jalpower Corporation.

NHPC has signed definitive agreement on 13 January 2021 for implementation of the approved resolution plan submitted by NHPC for takeover of Jalpower Corporation (JPCL).

JPCL is implementing 120 megawatts Rangit Stage-IV HE project in Sikkim. NHPC has further intimated that the National Company Law Tribunal (NCLT), Hyderabad bench has approved its resolution plan for taking over JPCL as going concern vide its order as on 24 December 2020.

NHPC will make upfront payment of Rs 165 crore for the resolution plan of JPCL. The announcement was made after market hours yesterday, 13 January 2021.

NHPC's consolidated net profit declined by 7.6% to Rs 1,188.04 crore on a 5.5% fall in net sales to Rs 2,899.56 crore in Q2 FY21 over Q2 FY20.

NHPC is engaged in electric power generation by hydroelectric power plants. The firm is also engaged in contracts, project management and consultancy works. As of 31 December 2020, the Government of India held 70.95% stake in the company.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, January 14 2021. 09:30 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU