PGCIL to acquire 74% stake of JPVL in Jaypee POWERGRID for Rs 351 cr

Topics PGCIL | PowerGrid

State-run Power Grid Corporation (PGCIL) said it has signed a share purchase agreement with Jaiprakash Power Ventures to acquire 74 per cent stake in Jaypee POWERGRID Ltd (JPL) for Rs 351.64 crore.

On completion of the transaction, JPL will become a wholly-owned subsidiary of PGCIL, a regulatory filing said.

PGCIL will purchase 74 per cent stake of Jaiprakash Power Ventures in JPL at an aggregate consideration of Rs 351,64,80,000, the filing stated.

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

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

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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