Jaiprakash Associates, which touched a 52-week high of Rs 101.10 today, rose 3.54 percent to Rs 100.80 on the Bombay Stock Exchange.
The company, in its press release sent to exchanges said, "Jaiprakash Associates had entered into a JV agreement with Madhya Pradesh State Mining Corporation Limited for Coal Mining at Amelia (North) Coal Block in Sidhi District of Madhya Pradesh. For this purpose, a special purpose vehicle, namely, Madhya Pradesh Jaypee Minerals Limited had been incorporated who had appointed JAL as mine developer cum operator for the said mines the produce whereof is committed to be supplied to Jaypee Nigric Super Thermal Power Project being implemented by Jaiprakash Power Ventures Limited.
"The Government of India, Ministry of Environment and Forest has since accorded the second stage (final) forest clearance in respect of the said coal block by granting its approval under Section 2 of the Forest (Conservation) Act, 1980 for diversion of 728.750 hectares of forest land for Coal Mining," according to the release.
JP Associates along with Jaypee Infra Ventures holds 75 percent stake in the JP Power as of July 2012.
Shares volumes of JP Power too increased quite significantly to 15,46,522 shares compared to its five day average of 261,732 shares. Market capitalisation of the company currently stands at Rs 11,365.20 crore.
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