NHPTL board approves 13.1 million NHPC share transfer to Power Grid

12 Jun 2024 CW Team

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.

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