Power Grid Corporation of India Limited (POWERGRID), a Maharatna PSE under Ministry of Power, Government of India has signed a Share Purchase Agreement with Jaiprakash Power Ventures Limited (JPVL) to acquire 74% stake in Jaypee Powergrid Limited-JV (JPL) in which POWERGRID holds 26% equity.
JPL will become a wholly owned subsidiary of POWERGRID following this acquisition.
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.
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