State-run Power Grid Corporation (PGCIL) said it has signed a share purchase agreement with Jaiprakash Power Ventures to acquire 74 percent stake in Jaypee POWERGRID Ltd (JPL) 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 percent 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 instates of Himachal Pradesh, Haryana, Punjab, Uttar Pradesh and Rajasthan.
(Edited by : Jomy)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Karnal Lok Sabha seat: BJP's Manohar Lal Khattar faces tough fight amid farmer discontent
May 23, 2024 9:47 PM
What is Form 17C—the clause in debate over disclosure of voter turnout data
May 23, 2024 9:19 PM
Lok Sabha elections 2024: All you need to know about sixth phase
May 23, 2024 4:50 PM