Power Grid, however, did not disclose the value of the deal. Post acquisition of the 74 per cent stake, JPL would become a wholly-owned subsidiary of Power Grid, it said in a BSE filing. 

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

JPL was incorporated to implement a specific transmission line associated with Karcham-Wangtoo HEP ( 1,000 MW). Power Grid and Jaiprakash Power hold 26 per cent and 74 per cent 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.

Visit news.dtnext.in to explore our interactive epaper!