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Power Grid to buy IL&FS Energy’s stake in CPTCL

New Delhi, May 2 (PTI) State-owned Power Grid Corporation (PGCIL) will buy the stake of IL&FS Energy Development Company Ltd (IEDCL) in Cross Border Power Transmission Company Ltd (CPTCL).

Power Grid told the stock exchanges on Monday that its board of directors approved the proposal to buy the stake in a meeting held on Sunday. The company, however, did not disclose the financial side of the deal.

The Board of Directors of the Company has approved the proposal for purchase of 77,30,225 shares of IEDCL in CPTCL.

Power Grid currently holds 26 per cent stake in CPTCL while 38 per cent is with IEDCL. In addition, SJVN and Nepal Electricity Authority hold 26 per cent and 10 per cent respectively in the company.

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