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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.

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

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