Power Grid Corporation of India Limited informed that the supplementary Joint Venture Agreement -3 has been signed on April 23, 2024 by shareholders of NHPTL viz. NTPC, NHPC, POWERGRID, DVC & CPRI. This agreement is based on the agreed revival plan earlier reached upon within the parties.

The revival plan comprises equity transactions between shareholders with an outcome of revised equity holding of POWERGRID in NHPTL as 50% and remaining fifty (50%) percent of equity to be held equally i.e 12.5 % by the other four JV partners. Further as per the JVA-3, the revised Board structure of NHPTL shall be two Directors (Including Chairman, NHPTL) from POWERGRID and one nominee Director by other Promoters on rotation basis. Name(s) of parties: NTPC Limited, NHPC Limited, Damodar Valley Corporation, Central Power Research Institute and National High Power Test Laboratory Private Limited (NHPTL).

Purpose of entering in to agreement:In view of the financial crisis of NHPTL and for long term sustenance of this important testing facility for high voltage transformers in the Country, Revival plan has been agreed in the meeting held on 15th September 2022 with Ministry of Power, GoI wherein it was agreed that POWERGRID shall infuse funds subject to approval of respective managements of JV parties. The Parties agree that paid up equity share capital shall be re-structured as per the Revival Plan of NHPTL agreed. Significant terms of the agreement: Upon infusion of equity by POWERGRID in NHPTL, Board Composition shall be revised to two Directors (Including Chairman, NHPTL) from POWERGRID and one nominee Director by other Promoters on rotation basis.

In view of the financial crisis of NHPTL and for long term sustenance of this important testing facility for high voltage transformers in the Country, Revival plan has been agreed in the meeting held on 15th September 2022 with Ministry of Power, GoI wherein it was agreed that POWERGRID shall infuse funds subject to approval of respective managements of JV parties. The Parties agree that paid up equity share capital shall be re-structured as per the Revival Plan of NHPTL agreed.