Taqa pulls out of $1.6bn India power plant deal

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.