Acquisition
Power Grid to acquire majority stake in Jaiprakash Power Ventures
New Delhi/UNI: Public Sector Power Grid Corporation of India will acquire 74% stake in Jaypee Powergrid Limited.
Power Grid, so far held 26% equity in the JPL joint venture, has signed a share purchase agreement with a private firm to acquire the majority stake, thus making JPL a wholly owned subsidiary of Maharatna enterprise, a Ministry of Power statement said.
JPL-JV has developed a 214 Km-long extra-high voltage power transmission project to evacuate power from Karcham-Wangtoo project in Himachal Pradesh, this power transmitted is meant for distribution and consumption in Himachal Pradesh, Haryana, Punjab, Uttar Pradesh, and Rajasthan.
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