PGCIL to acquire 74% stake in JV Jaypee Powergrid for Rs351.64 crore

NEW DELHI : The public sector unit Power Grid Corporation of India Ltd (PGCIL) has signed an agreement with Jaiprakash Power Ventures Ltd (JPVL) to acquire 74% stake in Jaypee Powergrid Ltd for Rs351.64 crore.

After the acquisition of the 74% stake JPL will become a wholly-owned subsidiary of PGCIL. Jaypee Powergrid Ltd is a joint venture between Power Grid Corporation and JPVL.

Earlier this montn, Jaiprakash Power Ventures had announced that its board has approved disinvestment of 74% stake in Jaypee Powergrid to the PSU.