Power Grid Corporation of India signed a share purchase agreement with Jaiprakash Power Ventures (JPVL) for acquiring its 74% stake in Jaypee Power Grid (JPL) at an aggregate consideration of Rs 351.64 crore.
On completion of the transaction, Jaypee Power Grid (JPL) will become a wholly owned subsidiary of Power Grid Corporation of India. The announcement was made after market hours on Friday, 19 March 2021.
On a consolidated basis, Power Grid Corporation of India reported a 26% jump in net profit to Rs 3,367.71 crore in Q3 FY21 on an 8.3% rise in net sales to Rs 10,142.48 crore in Q3 FY21 over Q3 FY20.
Shares of Power Grid Corporation of India fell 1.65% to Rs 226.55 on BSE. It 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 holds 51.34% in Power Grid Corporation of India.
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