Power Grid Corporation of India has intimated that it has acquired 74% shareholding of the JV partner i.e. Jaiprakash Power Ventures in Jaypee PowerGrid.
The board of Power Grid Corporation of India, on 11 February 2021, approved the acquisition of 74% shareholding of the JV partner i.e. Jaiprakash Power Ventures in Jaypee PowerGrid (JPL) (a joint venture company of Power Grid Corporation of India and Jaiprakash Power Ventures). JPL was incorporated to implement a specific transmission lines associated with Karcham-Wangtoo HEP ( 1000 MW).
The deal would be executed for a cash consideration whose amount will be specified on the execution of share purchase agreement. The transaction is expected to be completed within FY21. The announcement was made after market hours on Friday, 12 February 2021.
Shares of Power Grid Corporation of India rose 0.59% at Rs 214 on BSE. Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. As of 31 December 2020, the Government of India owned 51.34% stake in the company.
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