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

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.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor