Power Grid Corporation of India approves investments in 5 projects across India

Power Grid Corporation of India on Monday announced that its board has approved investments on five projects worth Rs 821.29 crore, across India.

The first project involves the transmission system strengthening beyond Kolhapur (Maharashtra) for export of power from solar & wind energy zones in southern region for an estimated cost of Rs 129.28 crore scheduled to be commissioned by February 2023.

The second project entails the transmission system strengthening for Srinagar-Leh (Jammu & Kashmir) transmission system for an estimated cost of Rs 288.71 crore scheduled to be commissioned by December 2024.

The third project is on the augmentation of transformation capacity in southern region for an estimated cost of Rs 176.22 crore scheduled to be commissioned by 20 March 2023.

The fourth project covers the augmentation of transformation capacity at Kurukshetra (Haryana) & Patiala (Punjab) substations for an estimated cost of Rs 106.99 crore scheduled to be commissioned by 15 February 2023 for ICT at Kurukshetra SIS and by May 2023 for ICT at Patiala SIS.

The last project entails the evacuation of RE in Tirunelveli and Tuticorin (both in Tamil Nadu) Wind Energy Zone 500 MW for an estimated cost of Rs 120.09 crore scheduled to be commissioned by March 2023.

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 2021, the Government of India owned 51.34% stake in the company.

Power Grid Corporation of India on Wednesday reported a 2.2% decline in consolidated net profit to Rs 3,292.97 crore in Q3 FY22 from Rs 3,367.7 crore posted in Q3 FY21. Net revenue from operations rose by 3% to Rs 10,446.88 crore in Q3 FY22 from Rs 10,142 crore posted in the same quarter last year.

Shares of Power Grid Corporation of India were trading at 0.75% lower at Rs 210.65 on BSE.

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