Reliance Power has reached an agreement to acquire 1,800 mega watt hydropower assets of Jaypee Group. Reliance CleanGen, a unit of Reliance Power, will acquire 100 percent stake in the hydroelectric power business of Jaypee Group.
The financial terms of the deal have not been disclosed yet. After the deal, Reliance Power will become the largest private sector company in India in hydroelectric sector with combined capacity of 7,800 mega watts.
SBI Capital Markets has acted as the advisors to the group for the deal which marks the biggest deal in the power sector in India.
Jaypee Group had earlier offloaded its hydroelectric power projects in Himachal Pradesh to Abu Dhabi based energy major for Rs 10,500 crore. The deal could not be finalized.
Reliance Power was trading around Rs 93 in today’s market. The stock has touched 52-week high of Rs 112 and low of Rs 60.