NHPC has announced that the board of its joint venture, National High Power Test Laboratory Pvt. Ltd. (NHPTL), has approved the transfer of 1.31 crore equity shares to Power Grid Corporation of India Limited.
In a meeting held on June 10, 2024, NHPTL’s Board of Directors sanctioned the share transfer from NHPC to Power Grid, in accordance with the supplementary JV agreement between the partners of NHPTL, according to an exchange filing by the company.
The approved transfer involves 1,31,63,750 (One Crore Thirty-One Lakh Sixty-Three Thousand Seven Hundred Fifty) shares, reducing NHPC’s equity holding in NHPTL from 20% to 12.50%. Consequently, NHPTL will no longer be classified as an Associate Company of NHPC Limited.
This stake transfer aligns with the Supplementary Joint Venture Agreement signed earlier this year. In April 2024, Power Grid Corporation committed to investing funds and acquiring a 50% stake in NHPTL
