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16 April, 2021 00:14 IST
Power Grid signs termination agreement between Rlnfra and PKTCL
Source: IRIS | 14 Jan, 2021, 12.02PM
Rating: NAN / 5 stars.
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 Power Grid Corporation of India, a leading power transmission company in India, on January 13 has signed the 'Termination Agreement' amongst Reliance Infrastructure (Rlnfra) and Parbati Koldam Transmission Company (PKTCL).

The shareholders' agreement ('SHA') dated  Nov.23, 2007, which was executed between POWERGRID, Rlnfra and PKTCL to form a JVC named PKTCL was also terminated wherein POWERGRID and Rlnfra hold 26% and 74% equity shares in PKTCL, respectively.

The 'Termination Agreement' was signed by POWERGRID on Jan.12, 2021, wherein Rlnfra proposed to sell their entire shareholding in PKTCL to a third party. The Termination Agreement has been executed on Jan.12, 2021.

By signing Termination Agreement, Rlnfra proposed to sell their entire shareholding i.e. 74% in PKTCL to a third party.

Further, a Deed of Adherence dated Jan.08, 2021 was also signed by India Grid Trust confirming that they shall observe, perform and be bound by all the terms of the SHA dated Nov. 23, 2007, the company said on Wednesday.

Shares of the company declined Rs 0.35, or 0.17%, to trade at  Rs 204.60.  The total volume of shares traded  was  780,667 at the BSE (10.36 a.m., Thursday).

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