The Power Grid Corporation of India (PGCIL), a Maharatna PSE under the Ministry of Power, government of India, has inked a share purchase agreement with Jaiprakash Power Ventures (JPVL) to acquire 74 percent stake in Jaypee Powergrid-JV (JPL) in which PGCIL holds 26 percent equity.
JPL will become a wholly-owned subsidiary of PGCIL following this acquisition.
JPL-JV has developed 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.
