Jaiprakash Power Ventures Ltd said on Wednesday that it has dropped plans to hive off Bapsa II and Karcham Wangtoo hydro power plants into two separate, wholly-owned subsidiaries.
JPVL announced the development in a statement to the Bombay Stock Exchange.
JPVL had signed a memorandum of understanding with Anil Ambani-owned Reliance Power on July 27 to sell the two projects along with its 400-MW Vishnuprayag hydro power plant for around ₹ 12,300 crore.
It is unclear whether the sale will go through. The exclusivity of the MoU with Reliance Power ends on September 25.