Power Grid Corp board approves investment worth Rs 803 cr

The power transmission company on Friday announced that its committee of directors on investment on projects has accorded investment approvals for various electricity transmission projects aggregating to Rs 803.57 crore.

The first project includes a scheme to relieve high loading of Western Region (WR) - Northern Region (NR) Inter Regional Corridor (400 kilo volt (kV) Bhinmal-Zerda line) at an estimated cost of Rs 200.58 crore scheduled to be commissioned by May 2024.

The subsequent project is a transmission system for augmentation of inter-state transmission system (ISTS) for interconnection of Haryana Vidyut Prasaran Nigam (HVPNL) Transmission Schemes at an estimated cost of Rs 107.77 crore scheduled to be commissioned progressively from February 2024 to July 2024.

The other project is the implementation of Western Region Expansion Scheme-XXV (WRES-XXV) at an estimated cost of Rs 385.84 crore scheduled to be commissioned by November 2023.

Lastly, the company's board has also approved the implementation of North Eastern Region Expansion Scheme-XX (NERES-XX) at an estimated cost of Rs 109.38 crore scheduled to be commissioned by November 2024.

In a separate regulatory filing, Power Grid Corporation of India said that its wholly-owned subsidiary, Powergrid Teleservices received registration certificate for Infrastructure Provider Category I (IP-I) from the Department of Telecommunications, Government of India to establish and maintain the assets such as dark fibres, right of way, duct space and tower for the purpose to grant on lease/rent/sale basis to the licensees of telecom services licensed under Section 4 of Indian Telegraph Act, 1885.

Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. As of 31 December 2022, the Government of India owned a 51.34% stake in the company.

The company's consolidated net profit rose 10.7% to Rs 3,645.34 crore on 7.8% increase in revenue from operations to Rs 11,261.78 crore in Q3 FY23 over Q3 FY22.

Shares of Power Grid Corporation of India rose 0.82% to end at Rs 215 on Friday, 24 February 2023.

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