Power Grid Corporation of India has signed a memorandum of understanding (MoU) with Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL) to incorporate a joint venture company for the development of an Intra State Transmission System in Rajasthan.
The proposed JV company shall undertake projects worth upto Rs 10,000 crore in a phased manner. The company will hold 74% of stake, while RRVPNL will hold the remaining 24% in the joint venture company.Power Grid Corporation of India (PGCIL), a Public Sector Undertaking is India's principal electric power transmission company. The company is engaged in implementation, operation and maintenance of inter-state transmission system (ists), telecom and consultancy services.
The companys consolidated net profit jumped 2.6% to Rs 4,028.25 crore on 2.6% increase in net sales to Rs 11,549.79 crore in Q3 FY24 over Q3 FY23.
Shares of Power Grid Corporation of India were lower by 2.14% to Rs 286.30 on the BSE.
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