New Delhi: State-owned Power Grid Corporation on Tuesday said it has entered into an agreement to infuse funds and pick up 50 per cent stake in the crisis-hit National High Power Test Laboratory Pvt Ltd (NH).
According to a regulatory filing, a supplementary joint venture agreement in this regard was signed by the shareholders of NH on April 23, 2024.
NH NTPC is a joint venture of NHPC, POWERGRID, DVC and CPRI.
The filing said the fund will be subject to the approval of the management of the J parties – NTPC, NHPC, DVC (Damodar Valley Corporation) and CPRI (Central Poway Research Institute).
It said that in a meeting held on September 15, 2022, a revival plan was agreed upon with the Ministry of Power in view of the financial crisis of NH and for the long-term maintenance of this important testing facility for high voltage transformers in the country. Was. ,
The revival plan will result in revised equity holding of POWERGRID in NH resulting in equity transaction of 50 per cent among the shareholders and the remaining 50 per cent equity will be held equally, i.e. 12.5 per cent each by the other four JV partners.
The filing said that upon equity infusion by Power Grid in NH, the composition of the board will be revised to two directors, comprising the chairman of Power Grid from NH and a director nominated by the other promoters.
The objective of the joint venture is to set up an on-line high power short circuit TES facility, which will be a completely independent professionally managed stand-alone testing facility in India. It will provide a complete range of short circuit testing to the electrical equipment manufacturing industry and power supply utilities in conformance with Indian and International standards.
According to a regulatory filing, a supplementary joint venture agreement in this regard was signed by the shareholders of NH on April 23, 2024.
NH NTPC is a joint venture of NHPC, POWERGRID, DVC and CPRI.
The filing said the fund will be subject to the approval of the management of the J parties – NTPC, NHPC, DVC (Damodar Valley Corporation) and CPRI (Central Poway Research Institute).
It said that in a meeting held on September 15, 2022, a revival plan was agreed upon with the Ministry of Power in view of the financial crisis of NH and for the long-term maintenance of this important testing facility for high voltage transformers in the country. Was. ,
The revival plan will result in revised equity holding of POWERGRID in NH resulting in equity transaction of 50 per cent among the shareholders and the remaining 50 per cent equity will be held equally, i.e. 12.5 per cent each by the other four JV partners.
The filing said that upon equity infusion by Power Grid in NH, the composition of the board will be revised to two directors, comprising the chairman of Power Grid from NH and a director nominated by the other promoters.
The objective of the joint venture is to set up an on-line high power short circuit TES facility, which will be a completely independent professionally managed stand-alone testing facility in India. It will provide a complete range of short circuit testing to the electrical equipment manufacturing industry and power supply utilities in conformance with Indian and International standards.
