Power Grid Corporation Bolsters Stake in NHPTL Amid Financial Crisis

NHPC announced the transfer of its 1.31 crore equity shares in NHPTL to Power Grid Corporation, reducing its stake from 20% to 12.5%. This move is part of a broader revival plan to address NHPTL’s financial challenges and ensure its long-term sustainability as a key testing facility for high voltage transformers.

PTI | New Delhi | Updated: 11-06-2024 19:30 IST | Created: 11-06-2024 19:30 IST
Power Grid Corporation Bolsters Stake in NHPTL Amid Financial Crisis
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NHPC, a prominent player in the hydropower sector, has revealed the transfer of 1.31 crore equity shares in National High Power Test Laboratory Pvt Ltd (NHPTL) to Power Grid Corporation. This transaction reduces NHPC's stake in NHPTL from 20% to 12.5%, according to their recent regulatory filing.

The board meeting on Monday greenlighted the share transfer, aligning with a supplementary joint venture agreement among NHPTL partners. This strategic move follows Power Grid Corporation's agreement in April to infuse funds and secure a 50% stake in the financially troubled NHPTL.

As part of the revival plan agreed with the Ministry of Power, NHPTL's equity structure will see Power Grid Corporation holding 50%, while the remaining shares will be split equally among NTPC, DVC, and CPRI, ensuring the facility's sustainability and advancement.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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