NEW DELHI, July 28 India's Jaiprakash Power
Ventures Ltd on Monday said it plans to reduce debt by
selling three hydropower plants to a subsidiary of Reliance
Power Ltd, including two plants involved in a sale
that collapsed last week.
The sale of Jaiprakash's entire hydropower portfolio, which
has an aggregate capacity of nearly 1,800 megawatts, would make
Reliance the country's largest private provider of hydroelectric
Jaiprakash in a statement said it has entered into an
exclusive memorandum of understanding with Reliance CleanGen
Ltd, which with Reliance Power is part of billionaire Anil
Ambani's Reliance Group Holdings Inc.
Jaiprakash did not disclose the terms of the sale.
The announcement followed the collapse last week of a plan
by Jaiprakash and parent Jaiprakash Associates Ltd to
sell two of the three plants for $1.6 billion to an Abu
Representatives of Reliance Power could not immediately be
reached for comment.
Shares of Jaiprakash Power were 5.2 percent higher in early
Monday trade, compared with a flat benchmark index.
Shares of Reliance were up 2.4 percent.
(Reporting by Tommy Wilkes; Editing by Christopher Cushing)