Power Grid Corporation of India Ltd, a state-owned entity, announced that it had acquired 77,30,225 equity shares of IL&FS Energy Development Company Ltd (IEDCL) in the joint venture Cross Border Power Transmission Company Ltd (CPTCL) for a total consideration of Rs 14.73 crore.
This acquisition raises POWERGRID’s shareholding in CPTCL to 42%.
In its regulatory filing, the company said, “This is to inform that Power Grid Corporation of India Limited has acquired 77,30,225 no. equity shares of IL&FS Energy Development Company Limited in the Joint Venture Company viz. Cross Border Power Transmission Company Limited.”
Established in 2006, CPTCL is a collaborative venture involving Power Grid, IEDCL, Satluj Jal Vidyut Nigam Ltd (SJVNL), and Nepal Electricity Authority (NEA). The company oversees the Indian portion of the Muzaffarpur-Dhalkebar 400 kV double-circuit cross-border transmission line, facilitating power connectivity between India and Nepal.
The acquisition is part of IEDCL’s divestment process, undertaken as per the resolution framework mandated by the National Company Law Tribunal (NCLT). The transaction aligns with the Shareholders’ Agreement, granting POWERGRID, along with SJVNL and NEA, the option to purchase shares in proportion to their existing stakes.
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