Powergrid has signed a share purchase agreement to buy out majority partner Jaiprakash Power Ventures Limited’s 74 per cent stake in Jaypee Powergrid Limited-JV, the firm said in a statement on Friday.

Powergrid, until now, owned a 26 per cent stake in JPL-JV. The subsidiary has developed a 214 kilometre long EHV power transmission project to evacuate power from the Karcham-Wangtoo project in Himachal Pradesh. The power transmitted is slated for distribution and consumption in Himachal Pradesh, Haryana, Punjab, Uttar Pradesh and Rajasthan.