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The Competition Commission of India (CCI) on Friday approved the sale of two of Jaiprakash Power Venture Ltd.'s hydropower assets to JSW Energy Ltd. JSW Energy had approached anti-trust regulator seeking clearance to complete the Rs.9,700 crore deal with Jaiprakash Power Ventures.
"The proposed combination is not likely to have appreciable adverse effect on competition in India and, therefore, the commission hereby approves the proposed combination," CCI said in its order dated 28 January, which was released on Friday.
In November, JSW Energy Ltd agreed to buy 300 MW Baspa II hydroelectric projects and THE 1,091 MW Karcham Wangtoo hydro-electric project from Jaiprakash Power Ventures. The sale of the two hydropower plants was part of the Jaypee group's strategy to reduce debt by selling assets. In the last two years, the group has sold assets worth Rs.21,000 crore. As of 30 September, the group had a total debt of Rs.60,000 crore.
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