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Power Grid executes termination agreement with RInfra, PKTCL

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The company has terminated an agreement to form a joint venture company with Reliance Infrastructure and Parbati Koldam Transmission Company.

Power Grid Corporation of India (POWERGRID) has signed the 'termination agreement' amongst Reliance Infrastructure (Rlnfra) and Parbati Koldam Transmission Company (PKTCL) terminating the shareholders' agreement dated 23 November 2007.

The agreement was executed between POWERGRID, Rlnfra and PKTCL to form a joint venture company named PKTCL, wherein POWERGRID and Rlnfra held 26% and 74% stake, respectively.

As per the termination agreement signed on 12 January 2021, Rlnfra proposed to sell its entire 74% stake in PKTCL to a third party.

POWERGRID reported 20.3% rise in consolidated net profit to Rs 3,094.10 crore on a 5.3% increase in net sales to Rs 9,529.68 crore in Q2 September 2020 over Q2 September 2019.

Shares of Power Grid Corporation of India rose 0.20% to Rs 205.35.

POWERGRID 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 held 51.34% stake in the company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, January 14 2021. 10:10 IST