Power Grid board okays Rs 692 cr investments

State-run Power Grid Corporation of India today said its board has approved investments worth over Rs 692 crore.

Power Grid's board, which met on December 5, has also approved "in principle" the company's equity participation in the proposed Special Purpose Vehicle (SPV) being created by the Department of Telecommunications for setting up the National Optical Fibre Network (NOFN).

In a regulatory filing, Power Grid said the equity participation, at present, would be limited up to 10% "of the proposed paid up capital of Rs 100 crore".

Meanwhile, the board has approved investments to the tune of Rs 692.81 crore for various projects.

These include Western Region System Strengthening Scheme - XIII at an estimated cost of Rs 49.93 crore, with commissioning schedule of 21 months.

Power Grid would spent Rs 552.44 crore for "transmission system for connectivity of Essar Power Gujarat Ltd with commissioning schedule of 26 months from the date of investment approval".

Further, the transmission utility would invest Rs 90.44 crore for Common System associated with Coastal Energen Private Ltd and Ind-Barath Power (Madras) Ltd LTOA Generation Projects in Tuticorin area Part-A. This project is expected to be commissioned within 28 months from the investment approval date.