JSW Energy has agreed to acquire from Jaiprakash Power Ventures and other shareholders, 100% stake in Himachal Baspa Power Company for a base enterprise value of approximately Rs 97 billion, subject to mutually agreed adjustments.

The board of directors of Jaiprakash Power Ventures has approved the transfer of, (i) the 300 MW Baspa II hydro electric project located at Himachal Pradesh, and (ii) the 1091 MW Karcham Wangtoo hydro electric project located at Himachal Pradesh into a separate company, i.e. the Himachal Baspa Power Company (Target), as a going concern through a scheme of arrangement under Sections 391 - 394 of the Companies Act, 1956.

Subsequent to the scheme of arrangement being made effective and subject to other terms and conditions agreed between the Company and JPVL, the Company proposes to acquire 100% (one hundred percent) of the securities of the Target held by JPVL.

Shares of the company gained Rs 6.2, or 8.17%, to trade at Rs 82.05. The total volume of shares traded was 244,724 at the BSE (9.28 a.m., Monday).