JP Power calls off hydro deal with R-Power.

Jaiprakash Power Ventures, which had been in separate talks with a number of companies to sell its hydropower portfolio, has called off its latest discussion with Reliance Power, part of the Anil Dhirubhai Ambani Group (ADAG).

In July, R-Power had agreed to buy the hydropower assets of JP Ventures. This was after a consortium led by Abu Dhabi National Energy Co, called off a Rs. 9,689-crore plan to buy two of Jaiprakash's hydropower plants.

It is learnt regulatory uncertainties around the supply rates for JP Power's Karcham Wangtoo unit in Himachal Pradesh have hit the Rs. 12,000-crore deal with ADAG. Last week, the Central Electricity Regulatory Commission had asked JP Power to expedite filing of a rates petition for the 1,091 MW Karcham Wangtoo project. The direction came after the utility sought withdrawal of a provisional rates petition related to the plant.

BS