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Central Government/Public Sector | Multi State - India | PID: 202817
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Power Grid Corporation of India has inked a pact to infuse funds and take a 50 percent stake in National High Power Test Laboratory (NHPTL). A supplementary joint venture (JV) agreement was signed on 23 April, 2024 in this regard, by the partners. NHPTL is a JV of Power Grid, NTPC, NHPC, Damodar Vally Corporation (DVC) and Central Power Research Institute (CPRI).
The funds will be infused subject to the approval of the management of the JV parties. In a meeting held in September, 2022, a revival plan was agreed with the Ministry of Power (MoP) in view of the financial crisis of NHPTL, and for ensuring long-term sustenance of the testing facility for high voltage transformers in the country.
The objective of the JV is to set up an on-line high power short circuit test facility, which will serve as a professionally managed standalone testing facility in India. Further, it will be equipped to provide a full range of short circuit testing for the electrical equipment manufacturing industry, and power supply utilities in compliance with Indian and International standards.
The revival plan comprises equity transactions between shareholders with an outcome of revised equity holding of Power Grid in NHPTL as 50 percent and the remaining 50 percent will be held equally by the other four partners.
| Updated on: 30 - Apr - 2024
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