Power Grid executes termination agreement with Reliance Infra and JV Parbati Koldam Transmission

Reliance Infra completed the sale of its entire 74% equity stake in PKTCL to India Grid Trust.

Jan 14, 2021 02:01 IST India Infoline News Service

Power Grid Corporation Of India
State-run Power Grid has informed exchanges that the company has signed the 'Termination Agreement' amongst Reliance Infrastructure Limited (Rlnfra) and Parbati Koldam Transmission Company Limited (PKTCL). This comes after Reliance Infra proposed to sell their entire shareholding 74% in PKTCL to a third party.

Power Grid and Reliance Infra formed a JV named PKTCL where the state-owned company holds 26% stake in the JV and the remaining 74% is held by the Anil Ambani-backed company.

Power Grid said that the Termination Agreement has been executed on January 12, 2021.

Earlier this month, Reliance Infra completed the sale of its entire 74% equity stake in PKTCL to India Grid Trust (IndiGrid). The stake sale was carried for an enterprise value of Rs900cr.

At around 2.37 pm, Power Grid was trading at Rs204.60 per piece flat compared to the previous trading session on Sensex.

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