Abu Dhabi's TAQA to acquire 2 Jaypee Power plants - Moneycontrol.com

Abu Dhabi's TAQA to acquire 2 Jaypee Power plants - Moneycontrol.com:



"Abu Dhabi National Energy Co (TAQA)-led consortium is planning to acquire Jaiprakash Power Ventures ’ two hydropower units in Himachal Pradesh, sources, privy to the development, told CNBC-TV18, adding that the deal will be announced shortly.



The enterprise value of the hydro units, which have a combined capacity of 1400 MW, is pegged at Rs 10,500 crore, including Rs 6,500-crore debt. Jaypee Power is expected to get around Rs 4,000 crore cash from the deal, sources said.



Post deal, TAQA will own 51 percent, Canada’s PSP will own 39 percent and IDFC will hold 10 percent in the hydropower units. TAQA will operate both units.



Ernst & Young is the M&A advisor to Jaypee Power for the deal and Vaish & Assoc & Bansi S Mehta are its legal advisors. Trilegal is the advisor to TAQA."



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