The board's decision follows a supplementary joint venture agreement signed between NHPTL partners. In April 2024, state-owned Power Grid Corporation agreed to infuse funds and acquire a 50% stake in the financially troubled NHPTL. This agreement was formalised on April 23, 2024, with NHPTL shareholders.

NHPTL is a joint venture involving NTPC, NHPC, DVC (Damodar Valley Corporation), and CPRI (Central Power Research Institute). The infusion of funds is contingent upon approval from the management of the JV parties.

A revival plan was agreed upon in a meeting with the Ministry of Power on September 15, 2022, aiming to address NHPTL's financial crisis and ensure its long-term viability. Under this plan, Power Grid's equity in NHPTL will increase to 50%, with the remaining equity distributed equally among the other four JV partners, each holding 12.5%.

Following the equity infusion by Power Grid, the NHPTL board will include two directors from Power Grid, including the chairman, and one nominee director from the other promoters on a rotational basis. The joint venture's objective is to establish an online high power short circuit test facility in India, offering a comprehensive range of short circuit testing services for the electrical equipment manufacturing industry and power supply utilities, in line with Indian and international standards.