POWERGRID acquires 74 percent stakes of Jaypee Powergrid

With the acquisition of 74 percent stakes, Jaypee Powergrid becomes a wholly-owned subsidiary of POWERGRID.

POWERGRID (Power Grid Corporation of India Limited) has signed a share purchase agreement with Jaiprakash Power Ventures Limited (JPVL) to acquire  74 percent stake in Jaypee Powergrid Limited-JV (JPL) in which POWERGRID holds  26 percent 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 the 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.  POWERGRID is a Maharatna PSE under the Ministry of Power, Government of  India.

POWERGRID is an Indian state-owned electric utility company headquartered in Gurugram, India. It transmits about 50 percent of the total power generated in India on its transmission network.

Jaypee Group is a diversified infrastructure conglomerate in India with interests in Civil Engineering and Construction, Cement, Power, Real Estate & Expressways, Hospitality, Fertiliser, Health Care, Sports and Education (not-for-profit). Jaypee Group’s experience in the conceptualization, design, development, construction and operation of hydroelectric power plants. As a Group, they are able to manage multiple aspects of power projects, from front-end engineering design to completion, operation and maintenance.