Power Grid Corporation of India Ltd, which is a government-owned enterprise said on Friday, January 17 that it had acquired 77,30,225 equity shares of IL&FS Energy Development Company Ltd (IEDCL) in its joint venture, Cross Border Power Transmission Company Ltd (CPTCL), at ₹14.73 crore. POWERGRID’s stake in CPTCL now stands at 42%.
CPTCL is a joint venture that was established in 2006 between POWERGRID, IEDCL, Satluj Jal Vidyut Nigam Ltd (SJVNL), and Nepal Electricity Authority (NEA).
It operates the Indian portion of the Muzaffarpur-Dhalkebar 400 kV double circuit cross-border transmission line that connects India and Nepal. This is one of the divestment initiatives of IEDCL. The National Company Law Tribunal has directed it as part of the resolution plan.
This divestment was done through the Shareholders’ Agreement that made it possible for POWERGRID, along with other shareholders SJVNL and NEA, to obtain the shares by virtue of the prevailing shareholding proportion. POWERGRID completes the acquisition on 16 December 2024 by paying all the due amounts and by successfully transferring the shares.
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