Power Grid to buy IL&FS Energy Development Company's stake in CPTCL

State-owned Power Grid Corporation (PGCIL) will purchase IL&FS Energy Development Company Ltd's (IEDCL) equity shareholding in Cross Border Power Transmission Company Ltd (CPTCL). The company's board approved the proposal during its meeting on Sunday. Financial details were not disclosed.

According to a regulatory filing on Monday, the company's board has cleared the proposal for purchase of 77,30,225 equities of IEDCL in CPTCL.

Currently, Power Grid owns 26 per cent stake in CPTCL while 38 per cent shareholding is with IEDCL. Besides, SJVN and Nepal Electricity Authority have 26 per cent and 10 per cent stakes, respectively.