Govt okeys acquisition of Jal Power Corporation Limited by NHPC Limited
The Central Government on March 30, has approved the acquisition of Jal Power Limited by NHPC Limited
Govt okeys acquisition of Jal Power Corporation Limited by NHPC Limited
New Delhi: NHPC Limited, a Miniratna Power PSU on Tuesday said that the Ministry of Power, Government of India has conveyed approval of President of India on 30th March 2021, for investment of Rs 938.29 crore for acquisition of M/s Jal Power Corporation Ltd. and construction of balance works of 120 MW Rangit-IV Hydro Electric Project located on river Rangit, in West Sikkim district of Sikkim, by NHPC Limited.
The above includes Rs 165 crores to be paid by NHPC for acquisition of M/s. JPCL through Corporate Insolvency Resolution Process (CIRP). Hon'ble NCLT has already approved the resolution plan submitted by NHPC Limited.
The National Company Law Tribunal (NCLT), Hyderabad Bench had approved NHPC’s resolution plan for taking over the Jal Power Corporation (JPCL) recently.
NHPC Limited had submitted its resolution plan and was declared the successful resolution applicant by the Committee of Creditors (CoC) on 24 January 2020.
NHPC will make upfront payment of Rs 165 crore and cost of the project is considered as Rs 943.20 crore.
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