POWERGRID HAS SIGNED A PURCHASE AGREEMENT WITH JPV ALONGWITH A MOU WITH NFCH

Powergrid Corporation of India has signed a share purchase agreement with Jaiprakash Power Ventures for acquisition of 74 per cent stake of JPVL (Jaiprakash Power Ventures Limited) in Jaypee Powergrid Limited (a joint venture company of Powergrid and Jaiprakash Power Ventures Limited), at an aggregate cost of ₹ 351 crore.

JPL-JV has developed a 214 Km long EHV power transmission project to evacuate power from 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.

Power Grid Corporation of India Limited (POWERGRID) signed a MoU with National Foundation for Communal Harmony (NFCH), an autonomous organisation under the Ministry of Home Affairs, Government of India for financial assistance to violence affected students from Assam, Manipur and Chhattisgarh.

Under its CSR initiative named “Assist,” the company will provide financial assistance to 1260 students of the three states rendered orphan or destitute in communal, caste, ethnic or terrorist violence for pursuing various levels of education up to class 12th, Graduation/PG and professional courses for a period of 12 months at a total financial implication of about ₹1.96 crore for 2020-21.

The stock was trading at Rs.221.70, up by 2.70 points or 1.23%.It touched intraday high of Rs.222.30 and low of Rs.216.90.Market Capitalisation of the company was at Rs.11, 598,434.25 lakhs.