"Reliance Power signs exclusive Memorandum of Understanding to acquire 100 percent of entire hydro power portfolio of Jaiprakash Power Ventures," the company said on Monday in a filing to the Bombay Stock Exchange (BSE).

The deal has been signed by Reliance CleanGen (RCL), a 100 percent subsidiary of Reliance Power and Jaiprakash Power Ventures (JPVL), a subsidiary of Jaiprakash Associates (JAL), the company said.

"JPVL's hydroelectric power portfolio has an aggregate capacity of nearly 1,800 MW, fully in operation, the largest in the private sector  in India, and with an asset base of over Rs.10,000 crore. The portfolio comprises three plants, with an asset life of over 50 years, each using  run-of-the-river technology to convert natural water flow to  electricity," Reliance Power said.

The acquisition would make Reliance Power one of India's largest private power companies with 7,800 MW operating capacity by end of the current fiscal.

Reliance Power will buy hydro power plants of Jaypee Group
Reliance Power will become the number 1 company in power sector
Stock of R-Power zooms to an all time high at BSE and gained 26 percent after buying hydro power plants
Jaypee group sold its project to get rid of debt burden in power sector
The hydropower plants are operational assets and will help increase Reliance Power’s cash flows
Reliance CleanGen will take over JP Power’s hydropower plants (1,791 megawatts) in the country

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