Jaiprakash Power Venture (JPVL), a
Jaypee group company, has acquired Bina Power Supply (BPSCL) from the Aditya
Birla Group for Rs.150-175 crore.
Aditya Birla Group had formed BPSCL in
the early 1990s to develop a 1,000 MW power plant in two phases of 500 MW each
at Bina in Madhya Pradesh. BPSCL had received government approvals for the power
project, which was later cancelled.
JPVL now plans to commission 500 MW in
the first phase at an investment of Rs.2,500 crore and subsequently raise the
capacity to 1,000 MW.