According to them, Adani Group is in discussions for purchasing Jaypee Group's hydel projects, having total capacity of 1,700 MW, including two in Himachal Pradesh. The deal is estimated to be worth over Rs 11,000 crore, including debt component, sources said.
Adani Group is in talks with diversified Jaypee Group for acquiring some of its hydro projects in a deal worth over Rs 11,000 crore. Besides, Sajjan Jindal-led JSW Energy is discussing the possibility of acquiring some thermal assets of Jaypee Group, industry sources said.
According to them, Adani Group is in discussions for purchasing Jaypee Group's hydel projects, having total capacity of 1,700 MW, including two in Himachal Pradesh. The deal is estimated to be worth over Rs 11,000 crore, including debt component, sources said.
The projects being eyed by Adani Group include 1,000 MW Karcham-Wangtoo and 300 MW Baspa II -- both are in Himachal Pradesh. Sources said Adani Group Chairman Gautam Adani has already held talks with Jaypee Group Executive Chairman Manoj Gaur in this regard.
Also Read: Why Jaypee may be better off after Taqa sale call-off
The discussion comes against the backdrop of TAQA pulling out of the deal to acquire Jaypee's two hydro projects.
When contacted, an Adani Group spokesperson said it would not like to comment on any market speculation. A Jaypee Group spokesperson declined to comment.
At present, Adani Power -- part of Adani Group -- has an installed generation capacity of 8,580 MW. The proposed acquisition would help it to expand its portfolio as well as diversify into hydro sector.
On Thursday, Jaypee Group announced that Abu Dhabi National Energy Company (TAQA) was withdrawing from the nearly Rs 10,000 crore deal to acquire Karcham Wangtoo and Baspa II hydel projects.
TAQA India Power Ventures Ltd has decided to withdraw from its agreement with Jaiprakash Power Ventures Ltd (JPVL). Meanwhile, sources said that JSW Energy has expressed interest in the thermal power generation assets of Jaypee Group.
Query send to JSW Energy did not elicit any response while Jaypee Group spokesperson declined to comment.
Adani Power stock price
On July 25, 2014, Adani Power closed at Rs 56.20, down Rs 1.75, or 3.02 percent. The 52-week high of the share was Rs 68.50 and the 52-week low was Rs 29.45.
The company's trailing 12-month (TTM) EPS was at Rs 2.07 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 27.15. The latest book value of the company is Rs 27.11 per share. At current value, the price-to-book value of the company is 2.07.
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