NHPTL Signed Supplementary JV Agreement 3 with Public shareholders
This agreement is based on the agreed revival plan earlier reached upon within the parties.
![NHPTL Signed Supplementary JV Agreement 3 with Public shareholders](https://www.psuconnect.in/sdsdsd/nhptl_signed_supplementary_jv_agreement_3_with_public_shareholders.jpg)
According to a filing made by the company, the supplementary Joint Venture Agreement -3 has been signed by shareholders of NHPTL viz. NTPC, NHPC, POWERGRID, DVC & CPRI. This agreement is based on the agreed revival plan earlier reached upon within the parties.
The revival plan comprises equity transactions between shareholders with an outcome of revised equity holding of POWERGRID in NHPTL as 50% and remaining fifty (50%) percent of equity to be held equally i.e 12.5 % by the other four JV partners.
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoYFurther as per the JVA-3, the revised Board structure of NHPTL shall be two Directors (Including Chairman, NHPTL) from POWERGRID and one nominee Director by other Promoters on rotation basis.
The signatories of the agreement are NTPC Limited, NHPC Limited, Damodar Valley Corporation, Central Power Research Institute and National High Power Test Laboratory Private Limited (NHPTL).
The Purpose of entering into the agreement is In view of the financial crisis of NHPTL and for the long-term sustenance of this important testing facility for high voltage transformers in the Country, Revival plan has been agreed in the meeting held on 15 September 2022 with the Ministry of Power, GoI wherein it was agreed that POWERGRID shall infuse funds subject to the approval of respective managements of JV parties.
Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail depositsThe Parties agreed that paid up equity share capital shall be re-structured as per the Revival Plan of NHPTL agreed. Upon infusion of equity by POWERGRID in NHPTL, the revised equity holding of POWERGRID in NHPTL shall become 50%, and the remaining fifty (50%) per cent of equity shall be held equally by the other four JV partners (i.e., 12.5% each of NTPC, NHPC, DVC & CPRI).
Read Also : India assumes the Chair of Asian Disaster Preparedness CentreNews Must Read
- Karnataka Bank Announced record Q1 Net Profit at Rs. 400.33 CR
- NTPC, BHEL shares soar higher amid JV announcement in Budget 2024
- BEL signs tripartite MoU for manufacture of indigenised ammunition
- Goa Shipyard Limited launched first indigenous P1135.6 Frigate
- Chandan Sinha appointed as Non-Executive Part Time Chairman of RBL Bank
- OIL and Dolphin Drilling signs contract for hiring of Blackford Dolphin
- Cmde D.K. Murali, IN (Retd.) Joins as CMD of BECIL
- Samir Chandra Saxena Appointed as Director (Market Operation) of GRID-INDIA
- MOIL CMD bags Title 'CEO of the Year'
- ONGC sign MoU with GSI to advance geothermal exploration in Ladakh