Jaiprakash Power Ventures (JPVL) on Tuesday said its board has approved disinvestment of 74% stake in Jaypee Powergrid to Power Grid Corporation of India (PGCIL).
Jaypee Powergrid (JPL) is a joint venture of PGCIL and JPVL. The transaction would not fall under related party transactions. The amount of consideration will be informed on execution of share purchase agreement and the transaction is expected to be completed by 31 March 2021.On a consolidated basis, Jaiprakash Power Ventures reported a net loss of Rs 8.61 crore in Q3 December 2020 as compared to a net loss of Rs 1,816.05 crore in Q3 December 2019. Net sales surged 18.4% to Rs 987.92 crore Q3 FY21 over Q3 FY20.
Shares of Jaiprakash Power Ventures added 2.69% to Rs 3.05 on BSE. Jaiprakash Power Ventures is engaged in the generation of power, including hydro and thermal; cement grinding; captive coal mining, and transmission of power.
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