Shares of Power Grid Corporation of Indi a Limited on Friday closed at Rs 212.05 per share, down by Rs. 1.70, as against its previous closing price of Rs 213.75 on the NSE.

State-owned Power Grid Corporation on Friday said its board has approved a proposal to acquire 74 percent stake of the joint venture partner in Jaypee PowerGrid Ltd (JPL). JPL is a joint venture between Power Grid and Jaiprakash Power Ventures Ltd. The Company, however, did not disclose the value of the deal. After the acquisition of the 74 percent stake, JPL would become a wholly-owned subsidiary of Power Grid, it said in the stock exchange filing.

The proposal for the acquisition was approved by the board of Power Grid in a meeting on February 11.

As of December 31, 2020, JPL has paid-up capital of Rs 300 crore and net-worth of Rs 464.53 crore, Power Grid said in the filing. The company said the acquisition would be completed within the current fiscal year.

in Jaypee PowerGrid was incorporated to implement a specific transmission line associated with Karcham-Wangtoo HEP ( 1,000 MW). Power Grid and Jaiprakash Power hold 26 percent and 74 percent stakes, respectively in JPL. JPL had turnover (sales revenue) of Rs 159.79 crore in 2019-20, Rs 159.22 crore in 2018-19 and Rs 165.05 crore in 2017-18. 

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