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- Dubai 04:31 05:49 12:21 15:48 18:47 20:05
India's Jaiprakash Power Ventures Ltd said on Thursday a consortium led by Abu Dhabi National Energy Co (Taqa) had decided to withdraw from a deal to buy two hydroelectric power plants from the Indian company for about $1.6 billion.
Taqa told Jaiprakash Power that the decision was due to a change in the business strategy and priorities of their group, Jaiprakash said in a stock exchange filing.
Taqa is liable to pay a "break fee", Jaiprakash Power said, without giving details.
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