Jaypee Powergrid Limited (“JPL”) is a Transmission Company incorporated under the Companies Act, 1956 to undertake the business of establishing, commissioning, setting up, operating and maintaining electric power transmission systems/networks as a joint venture between Power Grid Corporation of India Limited (POWERGRID) and Jaiprakash Power Ventures Limited (JPVL) (earlier known as Jaiprakash Hydro-Power Limited (JHPL). Under the Shareholders’ Agreement JPVL shall hold 74% and POWERGRID shall hold 26% shares in the Company. POWERGRID is presently notified as the Central Transmission Utility under the Electricity Act 2003. JPL’s main objects include engaging in the business of construction, operation and maintenance of transmission systems network. Both, JPL and JPVL (majority shareholder in JPL) are group companies of Jaiprakash Associates Limited (“JAL”), the flagship company of the Jaypee Group.