NHPTL Signed Supplementary JV Agreement 3 with Public shareholders
This agreement is based on the agreed revival plan earlier reached upon within the parties.
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 : NHPC Ltd Q4 results, 16.3 percent decline in net profitFurther 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 : Ujjivan small finance bank Q4 results, highest ever PAT at Rs 1,281 crore recordedThe 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 : Electric Cars vs. Hybrid Cars: 5 Major DifferencesNews Must Read
- Electric Cars vs. Hybrid Cars: 5 Major Differences
- CBI registers case against PNB official for illegally transferring approx. Rs. 4.98 cr
- Bandhan Bank Q4 results, Net profit declines 93% to Rs 54.63 crore
- Vikram Solar Wins a 397.7 MWp Module Supply order for NTPC Khavda Project
- BEML bags order worth Rs 250 crore from Northern Coalfields Ltd
- PhonePe collaborates with LankaPay to promote UPI payment acceptance in Sri Lanka
- HAL Q4 results, net profit up by 52.2 percent YoY
- GAIL India Q4 results, 22 percent fall in net profit
- MOIL Registers historical performance in FY'24
- PFC Q4 results, PAT jumps 20% YoY to Rs 5,624 cr