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POWERGRID Signs Agreement to Acquire 74% Stake in Jaiprakash Power Ventures Limited

POWERGRID Signs Agreement to Acquire 74% Stake in Jaiprakash Power Ventures Limited

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Power Grid Corporation of India Limited (POWERGRID), a Maharatna PSE under Ministry of Power, Government of India has signed a Share Purchase Agreement with Jaiprakash Power Ventures Limited (JPVL) to acquire 74% stake in Jaypee Powergrid Limited-JV (JPL) in which POWERGRID holds 26% equity.

JPL will become a wholly owned subsidiary of POWERGRID following this acquisition.

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

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

Source: pib
Anand Gupta Editor - EQ Int'l Media Network