Power Grid Corporation of India added 1.37% to Rs 329.05 after its board has approved formation of a joint venture (JV) with Rajasthan Rajya Vidyut Prasaran Nigam (RVPNL) for the development of Intra State Transmission System in Rajasthan.
The approval is subject to approval of its administrative Ministry i.e. Ministry of Power, DIPAM, Niti Aayog and/or other statutory authorities as may be required.Meanwhile, the committee of directors on investment on projects of the company approved investment approval of approximately Rs 809.55 crore for four projects.
Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. The firm is a Maharatna company under Ministry of Power, GoI. As of 31 March 2024, the Government of India owned a 51.34% stake in the company.
The companys consolidated net profit declined 3.62% to Rs 4,166.33 crore on 2.5% fall in revenue from operations to Rs 11,978.11 crore in Q4 FY24 over Q4 FY23.
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