Power Grid plans to acquire 74% stake of joint venture Jaypee POWERGRID

Post-acquisition, Jaypee POWERGRID would become a wholly-owned subsidiary of Power Grid.

Feb 15, 2021 02:02 IST India Infoline News Service

State-owned Power Grid Limited on Friday approved the acquisition of 74% shareholding of JV Partner in Jaypee POWERGRID Limited (JPL). Post-acquisition of the 74% stake, JPL would become a wholly-owned subsidiary of Power Grid, the company said in a regulatory filing on Monday.

JPL was incorporated to implement a specific transmission lines associated with Karcham-Wangtoo HEP (1000 MW). This is a Joint Venture Company between Power Grid and Jaiprakash Power Ventures Limited (JVPL).

Power Grid and JVPL holds 26% and 74% equity shares, respectively in JPL. The company said the acquisition would be completed within the current fiscal year.

At around 2.38 pm, Power Grid Corporation of India Ltd was trading at Rs212.40 per piece down by Rs0.35 or 0.16% from its previous closing of Rs212.75 per piece on the BSE.

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