The merger was just approved by Jaiprakash Hydro-Power and the company said in a letter to the stock exchange that the amalgamation is effective from 1 April. The move is subject to regulatory approval.
Jaiprakash Hydro-Power added that its Board has authorised the plan to raise up to Rs 1500Cr (US$307M) of funds for project development.
The company added that in the merger three of its shares, of Rs 10 each, were given for every share of Jaiprakash Power Ventures, at Rs 10 each.
Jaiprakash Hydro-Power built the 300MW Baspa II plant, in the state of Himachal Pradesh. The plant was commissioned in mid-2003.
Jaiprakash Power Ventures has a mixed portfolio with 400MW of hydro power capacity in operation, at Vishnuprayag, and 1320MW of thermal under implementation.
Hydro project plans include Karcham Wangtoo (1000MW), Lower Siang (2700MW), Hirong (500MW), Kynshi Stage II (450MW) and Umngot Stage I (270MW).
