State-run hydro power giant NHPC on Thursday said its board has approved a proposal to merge the company's arm Jalpower Corporation Ltd with itself. NHPC had acquired Jalpower Corporation Ltd (JPCL) and its 120 MW Rangit Stage-IV hydro power project in March 2021 through insolvency proceedings. "Board of Directors of NHPC Ltd (Company or Transferee Company) in its meeting held on Thursday, November 10, 2022 has inter-alia approved the scheme of merger/ amalgamation of Jalpower Corporation Ltd (Transferor Company) (a wholly owned subsidiary of NHPC) with the Company," it said in a BSE filing. It also stated that since the merger is between wholly-owned subsidiary and holding company, no cash
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