Jaiprakash Power Ventures plans to sell 74 per cent stake in JPL to PGCIL

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The company said the stake sale is expected to be complete by March 31, 2021

Jaiprakash Power Ventures Ltd (JPVL) on Tuesday said its board has approved disinvestment of 74 per cent stake in Jaypee Powergrid to PGCIL. Jaypee Powergrid Ltd (JPL) is a joint venture of Power Grid Corporation of India (PGCIL) and JPVL.

“Board of Directors of the company, in its 131st Meeting held on 2nd March, 2021 has approved disinvestment of 74 per cent shareholding in Jaypee Powergrid,” a BSE filing said.

The company said the stake sale is expected to be complete by March 31, 2021. The amount of consideration shall be informed on execution of Share Purchase Agreement, it stated.

PGCIL , the buyer, is a Government of India Enterprise engaged in the business of transmission lines. The buyer does not belong to the promoter or promoter group companies, it added.