Power Grid board approves Rs 1,900 crore investment

Central transmission utility Power Grid Corporation today said its board has approved investment of over Rs 1,900 crore for expansion and upgradation works by the middle of 2016.
The board in its meeting earlier this month approved Rs 908.08 crore and Rs 539.82 crore for two transmission system strengthening schemes in the northern region, Power Grid said in a stock exchange filing.
The expansion and upgradation of load despatch centres for Rs 56.18 crore was also approved by the Board.
Sub-station work for an NTPC power plant worth Rs 167.40 crore and system strengthening programme for the southern region for Rs 243.53 crore also received the approval from the Board, the filing said.

The company last week had reported a net profit of Rs 1,042.04 crore in the three months ended December 2013, mainly on account of to higher finance costs and tax expenses.
Turnover jumped to Rs 3,684.55 crore in the third quarter of the current financial year from Rs 3,368.93 crore in the year-ago period.
Shares of the company closed at Rs 95.70, down 0.16 per cent on the BSE.