Jaiprakash Power Ventures today said that its board will consider a proposal to transfer 500 MW Bina thermal plant in Madhya Pradesh to its subsidiary.
“A meeting of the Board of Directors of the Company will be held on June 17, 2016, to consider the recommendations of Committee of Directors for transfer of 500 MW Jaypee Bina Thermal Power Plant of the Company to its subsidiary Company,” Jaiprakash Power Ventures said in a regulatory filing.
Last year, the company had entered into a binding A memorandum of understanding (MoU) is an agreement between two (bilateral) or more (multilateral) parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used in cases where parties either do not imply a legal commitment or in situations where the parties cannot create a legally enforceable agreement... with JSW Energy for sale of 100 per cent stake of its 500 MW Bina Thermal Power Plant to JSW Energy.
There were reports that JSW Energy will buy the Bina plant for Rs 3,500 crore. But the company denied to comment on those reports saying that no price has been agreed by parties which shall be subject to due diligence to be carried out by JSW Energy.