(MENAFN) Abu Dhabi National Energy (TAQA) backs off of a USD1.6 billion deal to buy two hydroelectric power plants from Indian Jaiprakash Power Ventures, Gulf Daily News reported.
TAQA told Jaiprakash Power that the decision was due to a change in the group's business strategy and priorities, a blow to the Indian group's efforts to cut its debt.
A senior TAQA official said it was exiting the deal, which was made public in March of the current year, because of, as he put it, "a change in strategy".
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