Government today said that state-owned Power Grid Corporation has formed a joint venture company with Teesta Urja Ltd for developing transmission system to evacuate power from 1,200 MW Teesta-III Hydro Electric Project in Sikkim.     

"Power Grid Corporation has formed a JV company with Teesta Urja Ltd to develop transmission system for evacuation of power from 1,200 Mw Teesta-III Hydro Electric Project (HEP) in Sikkim," an official statement today said.     

The project would work on Build, Own & Operate (BOO) basis and will also provide transmission capacity to various private HEPs being developed in North Sikkim. The project would be built on 70:30 Debt Equity Ratio.     

S K Chaturvedi took charge as the Chairman and Managing Director of Power Grid Corp on August 1.

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