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Power Grid acquires 74% stake of Jaiprakash Power Ventures for Rs 351.64 cr

After the acquisition, JPL will become a wholly owned subsidiary of the Power Grid Corp Ltd, a regulatory filing said.

March 19, 2021 / 10:11 PM IST
Representative picture.

Representative picture.

The Power Grid Corporation of India signed a Share Purchase Agreement with Jaiprakash Power Ventures Limited on March 19 to acquire 74 percent shareholding of JVPL in Jaypee PowerGrid Limited (JPL) for Rs 351.64 crores.

The board of Power Grid Corporation of India had approved the acquisition on February 11, 2021.

After the acquisition, JPL will become a wholly owned subsidiary of the Power Grid Corp Ltd, a regulatory filing said.

JPL-JV has developed a 214 km long EHV power transmission project to evacuate power from Karcham-Wangtoo project in Himachal Pradesh.

The power transmitted is meant for distribution and consumption in states of Himachal Pradesh, Haryana, Punjab, Uttar Pradesh, and Rajasthan.

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PGCI was established by the Centre as the central transmission utility of India. As of December 31, 2020, the Government of India owned 51.34 percent stake in the company.
PTI
first published: Mar 19, 2021 10:06 pm

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