Jaiprakash Power Ventures Ltd plans to sell a 500 megawatt thermal power plant in central India to JSW Energy Ltd for 27 billion rupees ($402 million) including debt, both companies said on Monday.
The companies signed a memorandum of understanding for the deal in September.
Indebted companies, especially in the power and infrastructure sectors in India such as Jaiprakash, have been trying to offload assets to pay down debt that has been holding them back from investing in new projects.
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The companies signed a memorandum of understanding for the deal in September. 
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