Jaiprakash Power Ventures today said proceeds from the sale of its two plants to JSW Energy will help the company reduce debt and interest outgo.
The company recently sold its two power plants — 1091 MW Karcham Wangtoo Hydro Electric Plant and 300 MW Baspa-II Hydro Electric Plant — in Himachal Pradesh to JSW Energy for Rs 9,700 crore.
Speaking at the annual general meeting of the company at Waknaghat near here, company Managing Director Suren Jain informed that the disinvestment proceeds by sale of the two plants will help the company in deleveraging its Balance Sheet including reduction of debt and interest out go.
The company had generated 10,420 million units of electricity which was being supplied to various northern and central region states.
The Jaypee Group company had posted a net profit of Rs 137.21 crore for the financial year 2014-15 and registered over 48 per cent increase in total income while the profit after tax had jumped over seven times from Rs 19.73 crore in 2013-14 to Rs 137.21 crore.
Meanwhile, in a filing to the BSE, the company said that its Vishnuprayag hydro power plant, which was temporarily shut down in June, has started functioning..
“Company’s 400 MW Vishnuprayag Hydro Power Plant, which was temporarily shut down wef June 25, 2015, due to heavy rains and storm in Uttarakhand causing unprecedented flood in river Alakhnanda resulting in excessive silt and debris at Barrage, has resumed power generation wef evening of September 11, 2015,” the company said in a regulatory filing.