Jaiprakash Power Ventures said that TAQA India Power Ventures to withdraw from acquisition transaction entered with the company.

TAQA was to buy Karcham & Baspa Hydro Projects form JP Power Ventures.

TAQA said that they have been constrained to take the said decision as a result of a change in the business strategy and priorities of their group.

JP power says withdrawal makes TAQA liable to pay break fee in terms of the said acquisition agreement.

Shares of the company gained Rs 0.15, or 0.73%, to trade at Rs 20.80. The total volume of shares traded was 1,619,042 at the BSE (11.50 a.m., Thursday).