Jaiprakash Hydro joins hands with Power Grid

Jaiprakash Hydro joins hands with Power Grid Jaiprakash Hydro joins hands with Power Grid

Source: IRIS NEWS DIGEST (24 February 2007)

Jaiprakash Hydro Power (JHPL), a subsidiary of the flagship company of the Jaypee Group, Jaiprakash Associated, has tied up with Power Grid Corporation of India (PGCIL) for setting up the transmission system for the 1,000 MW Karcham Wangtoo Hydoelectric project in Himachal Pradesh, reports Business Line.

Jaypee Karcham Hydro Corporation will execute the project.

The joint venture will be called Jaypee Powergrid wherein JHPL will hold 74% of the equity and the remaining 26% will be held by PGCIL.

Jaiprakash Hydropower has reported a turnaround with a profit of Rs 25 million for the quarter ended Dec 31, 2006 as compared to a loss of Rs 13.35 million for the quarter ended Dec 31, 2005. Total income has also decreased to Rs 502.8 million for the quarter ended Dec 31, 2006 from Rs 578.4 million for the quarter ended Dec 31, 2005.

Shares of the company closed lower by Rs 1.10, or 3.50% at Rs 30.30. Total volume of shares traded at BSE was 323,973. (Friday).

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