In March 2021, Jalpower Corporation Ltd. (JPCL) was bought by NHPC through insolvency proceedings, along with its 120 MW Rangit Stage-IV hydropower project.
According to a BSE filing, “the Board of Directors of NHPC Ltd. (the Company or Transferee Company) has, among other things, approved the scheme of merger or amalgamation of Jalpower Corporation Ltd., a wholly owned subsidiary of NHPC, with the Company.”
Additionally, it was said that neither cash nor new shares would be issued because the combination involved a holding company and a wholly-owned subsidiary.
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