Insta
State-Owned Power Grid To Buy JP Power's 74 Per Cent Stake In Transmission JV, Signs Share Purchase Agreement
Swarajya Staff
Mar 23, 2021, 11:45 AM | Updated 11:45 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
State-owned Power Grid Corporation of India Limited is set to buy the complete stake of Jaiprakash Power Ventures Limited (JPVL) in the firms' power tranmission joint venture.
Power Grid, a Maharatna PSE under Ministry of Power, has signed a share purchase agreement with Jaiprakash Power Ventures Limited (JPVL) to acquire 74 per cent stake in Jaypee Powergrid Limited-JV (JPL), in which the state-owned PSU holds 26 per cent equity, according to an official release on Monday (23 March).
JPL will become a wholly owned subsidiary of Power Grid following this acquisition, the release added.
According to the release, JPL-JV has developed a 214 Km long EHV power transmission project to evacuate power from Karcham-Wangtoo project in the state of Himachal Pradesh.
The power transmitted is meant for distribution and consumption in states of Himachal Pradesh, Haryana, Punjab, Uttar Pradesh and Rajasthan.
The development comes as the Power Grid is said to be in talks with investors for its first tranche of projects through an infrastructure investment trust (InvIT).
Power Grid is among the first state-owned companies to offer an InvIT as part of the government’s brownfield asset monetisation strategy.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.