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Jaiprakash Power Ventures Ltd today said its shareholders have approved Rs 1,000-crore investment in its subsidiary PPGCL for setting up a 1,980-MW thermal power plant.
Shareholders, through postal ballot, have also approved the sale of the company’s entire stake held in Himachal Baspa Power Company Ltd (HBPCL) for about Rs 9,700 crore as per an agreement on November 15, 2014 with JSW Energy, the company said in a BSE filing today.
HBPCL has two operating hydro power assets — 300 MW Baspa-II hydro electric project (HEP) and 1,091-MW Karcham Wangtoo HEP.
According to the statement, the shareholders have also approved the proposal to shift the company’s registered office from Himachal Pradesh to Madhya Pradesh.
The company’s arm Prayagraj Power Generation Company Ltd (PPGCL) is implementing a 1,980-MW (3X660MW) thermal power plant at Bara in district Allahabad in Uttar Pradesh.
Out of the total paid-up capital of PPGCL of around Rs 3,123 crore, JPVL has already made equity investment of Rs 2,783 crore.
JPVL is investing Rs 1,000 crore more in PPGCL to meet the revised project cost of Rs 13,780 crore.
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