NTPC rose 1.10% to Rs 166 after the company said that it has acquired Jhabua Power Company having operational capacity of 600 MW for Rs 925 crore.
Jhabua Power (JPL) was originally promoted by Avantha Power & Infrastructure, a power generation company based at Seoni district in the state of Madhya Pradesh.JPL went into insolvency. NCLT, Kolkata Bench vide its order dated 6 July 2022 had approved the resolution plan submitted by NTPC. The turnover of JPL for the financial year ended 31 March 2022 stood at Rs 1,584 crore.
The company said that this acquisition will provide opportunity for its inorganic growth and it has already received approval from NCLT and CCI.
The company acquired 50% stake in the company for Rs 925 crore. Out of which Rs 325 crore was paid towards equity and Rs 600 crore was paid for allotment of NCDs.
NTPC is India's largest energy conglomerate. It has presence in the entire value chain of the power generation business. As on 30 June 2022, the Government of India holds 51.10% in NTPC.
The company's consolidated net profit rose 15.5% to Rs 3,977.77 crore on a 44.5% rise in net sales to Rs 43,177.14 crore in Q1 FY23 over Q1 FY22.
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