POWERGRID acquires 74% stake in Jaiprakash Power
Power Grid Corporation of India Ltd (POWERGRID), a Maharatna PSE under Ministry of Power, has signed a Share Purchase Agreement with Jaiprakash Power Ventures Ltd (JPVL) to acquire 74% stake in Jaypee Powergrid Ltd-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.