State-run Power Grid Corporation of India Ltd (POWERGRID) has formally entered into two Joint Venture & Shareholders’ Agreements (JV&SHA) with the Nepal Electricity Authority (NEA) for the development of major high-capacity India–Nepal cross-border transmission links. According to the company’s disclosure under Regulation 30 of SEBI LODR, the agreements were signed on 29 October 2025, with the duly stamped copies received via email on 21 November 2025.
As per the filing, the collaboration will establish two separate Joint Venture Companies (JVCs) — one in India and one in Nepal — to take up the construction of 400 kV Double Circuit (Quad Moose) transmission lines on both sides of the border. The proposed projects include the Inaruwa (Nepal) – New Purnea (India) link and the Lamki (Dododhara) (Nepal) – Bareilly (India) link, both aimed at strengthening regional energy cooperation and enabling reliable cross-border power flows.
Under the structure of the Indian JVC, POWERGRID will hold a 51% equity stake, while NEA will hold 49%. The roles reverse in the Nepal JVC, where NEA will hold 51% and POWERGRID 49% equity. Both entities will subscribe to shares in proportion to their respective stakes, and any change in capital structure will require the consent of both parties.
The Indian JVC’s Board will comprise five directors — three nominated by POWERGRID and two by NEA. For the Nepal JVC, NEA will nominate two directors and recommend one independent director, while POWERGRID will nominate two.
The two projects form a crucial part of the growing India–Nepal energy partnership, enabling enhanced power exchange and improving grid stability across the region.
