NHPC board has approved a proposal to merge the company’s arm Jalpower Corporation with itself. NHPC had acquired Jalpower Corporation (JPCL) and its 120 MW Rangit Stage-IV hydro power project in March 2021 through insolvency proceedings.
Board of Directors of NHPC has inter-alia approved the scheme of merger/ amalgamation of Jalpower Corporation with the company.
There will be no change in shareholding pattern post-merger.
Earlier in March 2021, the company had informed the bourses that it has completed the formalities for the takeover of Rangit Stage-IV Hydro Electric Project (120 MW) by remitting Rs 165 crore to the account of JPCL for distribution to the creditors as per the approved resolution plan