Power Grid gains after subsidiary commissions transmission project

Power Grid Corporation of India (PGCIL) advanced 0.38% to Rs 198.15 after its southern subsidiary commissioned a power transmission project in Tamil Nadu.

In an exchange filing made after market hours on Friday, Power Grid informed that Power Grid Southern lnterconnector Transmission System, a 100% wholly owned subsidiary of Power Grid Corporation of India, secured through tariff based competitive bidding (TBCB) comprising elements viz. Vemagiri-11 - Chilakaluripeta 765kV DIC line, Chilakaluripeta - Cuddapah 765kV DIC line, Chilakaluripeta - Narsaraopeta (Sattenapalli) 400kV (quad) DIC line, Cuddapah - Madhugiri 400kV (quad) DIC line, Srikaukulam Pooling Station - Garividi 400 kV (Quad) DIC line and 765/400 kV substation at Chilakaluripeta on build, own, operate and maintain (BOOM) basis, has been successfully commissioned progressively on 17 January 2020.

PGCIL, a 'Navratna' company operating under Ministry of Power, is engaged in power transmission business. The company transmits about 50% of the total power generated in India on its transmission network.

The government held 54.96% stake in the company as on 31 December 2019.

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