Power Grid Corporation of India’s board has approved a proposal to acquire 74 percent stake of the joint venture partner in Jaypee Powergrid (JPL). JPL is a joint venture between Power Grid and Jaiprakash Power Ventures.
Post acquisition of the 74 percent stake, JPL would become a wholly-owned subsidiary of Power Grid. The acquisition would be completed within the current fiscal year. The proposal for the acquisition was approved by the board of Power Grid in a meeting on February 11, 2021.
Power Grid Corporation of India is an Indian state-owned electric utilities company headquartered in Gurgaon, India.
