This acquisition was made by TAQA Jyoti Energy Ventures, a joint venture with Mumbai-based power infrastructure company Jyoti Structures.
The 100MW project is being developed by Himachal Sorang Power Limited (HSPL), which is a Special Purpose Vehicle formed by real estate developer NCC and IL&FS.
Estimated cost of developed is pegged at INR6bn ($111m) with NCC and IL&FS holding 67% and 33% in HSPL.
PTI quoted sources in the know of the developments that Abu Dhabi National Energy soon plans to take over the entire stake in the project.
"HSPL cannot sell stake more than 40 per cent before the Commercial Operation Date (COD) and the company has taken permission from the Himachal Government for the minority stake sale.
"It will take at least nine months to one year (for the total acquisition). According to the agreement HSPL had with Himachal Government, the promoters cannot sell their entire stake until six months after the COD. The COD will take another three to four months," PTI quoted the sources as saying.
Construction of the hydroelectric project is now 90% complete with operations expected to begin in the latter half of 2013.
