Sajjan Jindal to buy hydropower stations from Jaypee Group

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Indian billionaire Sajjan Jindal has struck a Rs97bn ($1.6bn) deal to buy two hydropower stations belonging to industrial conglomerate Jaypee Group, following the collapse of a series of earlier deals to offload the same assets.

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On Sunday, Mr Jindal’s JSW group, which operates steel and power businesses, confirmed that it had stepped in to acquire the twin power stations – the largest sale of its kind involving hydropower assets in India.

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New Delhi-based Jaypee had net debts of about $10bn at the end of the financial year ending March 2013, and has repeatedly attempted to sell its hydropower division to raise funds to pay back creditors.

 

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