+
NHPTL board approves 13.1 million NHPC share transfer to Power Grid
POWER & RENEWABLE ENERGY

NHPTL board approves 13.1 million NHPC share transfer to Power Grid

Hydropower giant NHPC announced that the board of its joint venture, National High Power Test Laboratory Pvt Ltd (NHPTL), has approved the transfer of 13.1 million equity shares to Power Grid Corporation. According to the regulatory filing, this decision reduces NHPC's stake in NHPTL from 20% to 12.5%, meaning NHPTL will no longer be an associate company of NHPC Ltd.

The board's decision follows a supplementary joint venture agreement signed between NHPTL partners. In April 2024, state-owned Power Grid Corporation agreed to infuse funds and acquire a 50% stake in the financially troubled NHPTL. This agreement was formalised on April 23, 2024, with NHPTL shareholders.

NHPTL is a joint venture involving NTPC, NHPC, DVC (Damodar Valley Corporation), and CPRI (Central Power Research Institute). The infusion of funds is contingent upon approval from the management of the JV parties.

A revival plan was agreed upon in a meeting with the Ministry of Power on September 15, 2022, aiming to address NHPTL's financial crisis and ensure its long-term viability. Under this plan, Power Grid's equity in NHPTL will increase to 50%, with the remaining equity distributed equally among the other four JV partners, each holding 12.5%.

Following the equity infusion by Power Grid, the NHPTL board will include two directors from Power Grid, including the chairman, and one nominee director from the other promoters on a rotational basis. The joint venture's objective is to establish an online high power short circuit test facility in India, offering a comprehensive range of short circuit testing services for the electrical equipment manufacturing industry and power supply utilities, in line with Indian and international standards.

Hydropower giant NHPC announced that the board of its joint venture, National High Power Test Laboratory Pvt Ltd (NHPTL), has approved the transfer of 13.1 million equity shares to Power Grid Corporation. According to the regulatory filing, this decision reduces NHPC's stake in NHPTL from 20% to 12.5%, meaning NHPTL will no longer be an associate company of NHPC Ltd. The board's decision follows a supplementary joint venture agreement signed between NHPTL partners. In April 2024, state-owned Power Grid Corporation agreed to infuse funds and acquire a 50% stake in the financially troubled NHPTL. This agreement was formalised on April 23, 2024, with NHPTL shareholders. NHPTL is a joint venture involving NTPC, NHPC, DVC (Damodar Valley Corporation), and CPRI (Central Power Research Institute). The infusion of funds is contingent upon approval from the management of the JV parties. A revival plan was agreed upon in a meeting with the Ministry of Power on September 15, 2022, aiming to address NHPTL's financial crisis and ensure its long-term viability. Under this plan, Power Grid's equity in NHPTL will increase to 50%, with the remaining equity distributed equally among the other four JV partners, each holding 12.5%. Following the equity infusion by Power Grid, the NHPTL board will include two directors from Power Grid, including the chairman, and one nominee director from the other promoters on a rotational basis. The joint venture's objective is to establish an online high power short circuit test facility in India, offering a comprehensive range of short circuit testing services for the electrical equipment manufacturing industry and power supply utilities, in line with Indian and international standards.

Next Story
Technology

Minda, Qualcomm Join Forces for Smart Auto Cockpit Tech

Minda Corporation Limited, the flagship of the Spark Minda Group, has announced a strategic partnership with Qualcomm Technologies, Inc. to develop intelligent and connected cockpit solutions for the Indian automotive market. The upcoming smart interface will be powered by Qualcomm’s Snapdragon Cockpit Platform.Commenting on the collaboration, Suresh D, Group CTO of Minda Corporation, said, “This partnership with Qualcomm Technologies marks a major milestone in advancing Minda’s digital cockpit capabilities. By utilising Qualcomm’s cutting-edge automotive platforms, we can now offer se..

Next Story
Infrastructure Transport

Railways Spent Rs 604.7 Billion on Passenger Subsidy in FY24

New Delhi – The Indian Railways provisionally spent Rs 604.7 billion in subsidies during the financial year 2023–24, covering 45 per cent of passenger travel costs, Railway Minister Ashwini Vaishnaw informed the Lok Sabha on Wednesday.In a written response to questions from multiple Members of Parliament regarding the recent rail fare hike, Vaishnaw stated that the Indian Railways continues to offer one of the most affordable transport services globally, ferrying over 7.2 billion passengers annually."The total amount of subsidy provided in FY 2023–24 on passenger travel is provisionally ..

Next Story
Infrastructure Urban

Auto Sector Can Cut Emissions by 87% by 2050: CEEW

India’s automobile industry could reduce its manufacturing emissions by 87 per cent by 2050 through a shift to green electricity and low-carbon steel, according to a study released by the Council on Energy, Environment and Water (CEEW).The report estimates that if original equipment manufacturers (OEMs) and their suppliers target net-zero emissions by 2050, annual emissions could fall from a projected 64 million tonnes of CO₂ (under the business-as-usual scenario) to just 9 million tonnes. This would require OEMs to adopt 100 per cent green electricity and steel suppliers to source 56 per ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?