New Delhi: State-run Power Grid Corp. India Ltd (PGCIL) will buy Jaiprakash Power Ventures Limited’s (JPVL) 74% stake in an electricity transmission joint venture that the two firms have together.
The transmission JV has a 214 km transmission link to supply electricity from Karcham-Wangtoo hydropower project in Himachal Pradesh to Himachal Pradesh, Haryana, Punjab, Uttar Pradesh and Rajasthan.
This comes in the backdrop of the public sector unit in advanced talks with investors for its first tranche of projects through an infrastructure investment trust (InvIT) route. Post the first tranche, a Rs. 10,000 crore second tranche for the InvIT is also in the works as reported by Mint earlier.
“Power Grid Corporation of India Limited (POWERGRID) 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," PGCIL said in a statement on Friday.