Jaiprakash Power Ventures and Jaiprakash Associates witnessed a sharp recovery in share prices on Friday after JSW Energy signed binding memorandum of understanding (MoU) with JP Power to acquire the operating plants. These three plants are having an aggregate capacity of 1,891 MW.

Earlier on Thursday, JP Power said it has called off talks Anil Dhirubhai Ambani Group (ADAG) for sale of hydropower assets owing to differences on commercial aspects of assets sale. That attracted heavy selling in both the counters yesterday.

The JSW will buy 100% holding in three operational plants of JPVL, namely 300 MW Baspa-II Hydro Electric Plant, 1091 MW Karcham Wanftoo Hydro Electric plant and 500 MW Bina Thermal Power plant.

Shares of Jaiprakash Power Ventures are trading at Rs 12.85, up Rs 1.1, or 9.36% at the Bombay Stock Exchange (BSE) on Friday. (10:22 a.m.)

Meanwhile, Jaiprakash Associates registered a gain of Rs 1.55, or 6.02%, to trade at Rs 27.30. The total volume of shares traded was 4,415,129 at the BSE. (10.27 a.m., Friday)