PGCIL to acquire 74% stake of JPVL in JPPGL for Rs 351 cr

NEW DELHI: State-run (PGCIL) said it has signed a share purchase agreement with to acquire 74 per cent stake in Jaypee Powergrid Ltd (JPPGL) for Rs 351.64 crore. On completion of the transaction, JPL will become a wholly-owned subsidiary of PGCIL, a regulatory filing said. PGCIL will purchase 74 per cent stake of Jaiprakash Power Ventures in JPL at an aggregate consideration of Rs 351,64,80,000, the filing stated. JPL-JV has developed a 214 km long EHV power transmission project to evacuate power from Karcham-Wangtoo project in Himachal Pradesh. 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