PGCIL to acquire 74% stake of JPVL in JPPGL for Rs 351 cr
NEW DELHI: State-run Power Grid Corporation NSE 4.14 % (PGCIL) said it has signed a share purchase agreement with Jaiprakash Power Ventures NSE 0.00 % to acquire 74 per cent stake in Jaypee Powergrid Ltd (JPPGL) for Rs 351.64 crore.
On completion of the transaction, JPL will become a wholly-owned subsidiary of PGCIL, a regulatory filing said.
PGCIL will purchase 74 per cent stake of Jaiprakash Power Ventures in JPL at an aggregate consideration of Rs 351,64,80,000, the filing stated.
JPL-JV has developed a 214 km long EHV power transmission project to evacuate power from Karcham-Wangtoo project in Himachal Pradesh.
The power transmitted is meant for distribution and consumption in states of Himachal Pradesh, Haryana, Punjab, Uttar Pradesh and Rajasthan.
