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Power Grid Corporation of India Ltd.

BSE: 532898 Sector: Infrastructure
NSE: POWERGRID ISIN Code: INE752E01010
BSE 00:00 | 02 Dec 219.70 -2.20
(-0.99%)
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219.00

HIGH

221.50

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218.95

NSE 00:00 | 02 Dec 219.80 -2.10
(-0.95%)
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218.55

HIGH

221.50

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OPEN 219.00
PREVIOUS CLOSE 221.90
VOLUME 189833
52-Week high 248.25
52-Week low 186.35
P/E 10.50
Mkt Cap.(Rs cr) 153,251
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 219.00
CLOSE 221.90
VOLUME 189833
52-Week high 248.25
52-Week low 186.35
P/E 10.50
Mkt Cap.(Rs cr) 153,251
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Power Grid Corporation of India Ltd. (POWERGRID) - Company History

Power Grid Corporation of India Limited (PGCIL) a public sector undertaking is India's principal electric power transmission company. The Company is engaged in in implementation operation and maintenance of Inter-State Transmission System (ISTS) Telecom and Consultancy Services.. It owns and operates 90% of India's interstate and inter-regional electric power transmission system. The Company has diversified into telecom business to utilize spare telecommunication capacity of unified load dispatch center (ULDC) schemes using countrywide transmission infrastructure. Power Grid Corporation of India Limited was incorporated on October 23 1989 with the name National Power Transmission Corporation Limited. The Company was established with the responsibility of planning executing owning operating and maintaining the high voltage transmission systems in the country. In October 23 1992 name of the Company was changed to Power Grid Corporation of India Limited.Initially the Company was engaged in the management of the transmission assets owned by the central generating companies such as the NTPC NHPC Limited and North-Eastern Electric Power Corporation Limited. In January 1993 the transmission assets of NTPC Limited NHPC Limited and the North-Eastern Electric Power Corporation were transferred to the Company pursuant to legislation promulgated by the Parliament with effect from April 1 1992.In the year 1993 the transmission assets of Tehri Hydro Development Corporation Limited were transferred to the company pursuant to a memorandum of understanding executed between the parties. In the year 1994 the company took over the management of Southern Regional Load Despatch Centre. Also the transmission assets from Neyveli Lignite Corporation Ltd were transferred to the company. In the year 1995 the company took over the management of the Eastern Regional Despatch Centre and the North Eastern Load Despatch Centre. In the year 1996 they took over the management of the remaining two regional load despatch centres namely the Northern Regional Load Despatch Centre and the Western Load Despatch Centre. In the year 1998 the company was declared as a Mini Ratna Category I public sector undertaking by the Government of India.In the year 2001 the company was granted Infrastructure Provider II license (IP II) from the Department of Telecommunications GoI to pursue leasing of bandwidth capacity to various customers on their telecommunications network. In the year 2002 the company commissioned the unified load dispatch and communications schemes for the northern and southern regions. Also they commissioned the 2000 MW Talchar-Kolar bipolar HVDC link developed by the company. In the year 2003 the company entered into a joint venture arrangement with the Tata Power Company Ltd for implementing a part of the entire transmission system associated with Tala Hydro-Electric Project which was the first public-private sector initiative in the transmission sector. They commissioned the 400 KV Raipur-Rourkela line transmission line developed by the company. Also they secured their first international consultancy contract from Bhutan Telecommunications.In the year 2005 the company commissioned the unified load despatch and communications scheme for the eastern region. In the next year they commissioned the unified load despatch and communications scheme for the western region. Also they entered into an agreement with REC and certain state governments and state utilities for undertaking rural electrification works under the Rajiv Gandhi Grameen Vidyutikaran Yojana in nine states in India.In the year 2008 the company was declared as a Navratna public sector undertaking by the GoI. Also the company completed the 220 KV Double Circuit Transmission line from Pul-e-Khumri to Kabul Transmission System in Afghanistan. In the year 2009 the company established the National Load Despatch Centre. Also they incorporated their subsidiary company namely Power System Operation Corporation Ltd to look after Grid Management function in line with GoI directive. In the year 2010 the company commissioned the commercial operations of the National Load Despatch Centre. Also they commissioned the 220/110/20 KV Chimtala sub-station at Kabul Afghanistan. In March 2010 the company entered into a contract with UMS Group USA for the International Benchmarking of their O&M practices through International Transmission Operations & Maintenance Study (ITOMS) based on cost productivity service levels equipment maintenance Asset Management safety etc. Also the company commissioned transmission projects worth Rs 3610 crore during the financial year 2009-10.In May 31 2010 the CERC accorded regulatory approval to the company to proceed with the execution of nine high capacity transmission corridors with HVDC links/765 kV UHVAC lines to facilitate the evacuation of power from various generation projects being developed by independent power producers within India. During the year 2010-11 transmission projects worth Rs 7313 crore were commissioned as compared to Rs 3610 crore for the previous year. The company commissioned about 6760 ckm of transmission lines 11 new sub-stations and transformation capacity of about 9500 MVA.The company was ranked as 8th overall in the Fastest-Growing Asian Companies and 18th as Fastest-Growing Global Companies in the 'Platts Top 250 Global Energy Company rankings' for the year 2010. The company has also featured in the 'Forbes Global 2000' list.The Board of Directors of Power Grid Corporation of India at its meeting held on 2 July 2010 approved Follow on Public Offer (FPO) of 20% of existing paid up share capital comprising fresh issue of 10% of existing paid up share capital and Offer for Sale (Disinvestment) of 10% of existing paid up share capital by Government of India subject to approval of the Cabinet Committee on Economic Affairs (CCEA).The Board of Directors of Power Grid Corporation of India at its meeting held on 23 November 2010 cut the Capital Budget Estimate of Rs 12900 crore for the Financial Year 2010-11 to Rs 11900 crore. This was done keeping in view the delay in schedules of some power generation projects including Subhansiri HEP.Power Grid Corporation of India's Board of Directors at its meeting held on 26 August 2011 accorded the investment approval for 'Transmission System for IPP generation projects in Madhya Pradesh and Chhattisgarh' at an estimated cost of Rs 1366.34 crore with commissioning schedule of 27 months from the date of investment approval.On 30 March 2012 Power Grid Corporation of India announced that the company has been selected as the successful bidder in its debut participation in tariff based competitive bidding for establishing transmission system associated with IPPs of Nagapattinam/Cuddalore Area: Package - A. The transmission system comprising 765 kV D/C & 765 kV S/C will traverse the states of Tamil Nadu and Karnataka and is to be constructed over a period of 36 months. On 19 April 2012 Power Grid Corporation of India announced that the company has been selected as the successful bidder under tariff based competitive bidding for establishing transmission system associated with IPPs of Vemagiri Area: Package - A in Andhra Pradesh.Power Grid Corporation of India's Board of Directors at its meeting held on 31 August 2012 accorded the investment approval for `System Strengthening - XIX in Southern Regional Grid' at an estimated cost of Rs 1935.35 crore with commissioning schedule of 27 months from the date of investment approval.Power Grid Corporation of India's Board of Directors at its meeting held on 14 October 2012 accorded the investment approval for `Strengthening Scheme in Northern Region' at an estimated cost of Rs 100.55 crore with commissioning schedule of 24 months progressively from the date of investment approval.Power Grid Corporation of India's Board of Directors at its meeting held on 6 December 2012 accorded approval for the formation of a joint venture company with Odisha Power Transmission Corporation Ltd for taking up intra state transmission projects in Odisha. The board also approved formation of a joint venture company with Bihar State Power (Holding) Co. Ltd. for taking up intra state transmission projects in Bihar. On 11 January 2013 Power Grid Corporation of India announced that the company has done a landmark transaction for US$ 500 million in debut issue in foreign currency market with a coupon rate of 3.875% p.a. for ten years note. On 11 March 2013 Power Grid Corporation of India's Board of Directors accorded the investment approval for 'Transmission System associated with Meja TPS' at an estimated cost of Rs 55.73 crore with commissioning schedule of 28 months from the date of investment approval.On 30 August 2013 Power Grid Corporation of India announced that the company pursuant to its selection as the successful bidder under tariff based competitive bidding has acquired from REC Transmission Projects Company Limited (the Bid Process Coordinator) Vizag Transmission Limited (VIZAG TL) the special purpose vehicle to establish the transmission system for system strengthening in Southern Region for import of power from Eastern Region on build own operate and maintain (BOOM) basis.On 18 November 2013 Power Grid Corporation of India announced that it has received approval from the Ministry of Power for follow on public offer comprising of fresh issue of 60.18 crore equity shares of the company and simultaneous disinvestment by Government of India of 18.51 crore equity shares. Power Grid Corporation of India's Board of Directors at its meeting held on 9 December 2013 approved the investment approval for 'Eastern Region Strengthening Scheme-X (ERSS-X)' at an estimated cost of Rs 143.94 crore with commissioning schedule of 24 months from the date of investment approval.On 25 March 2014 Power Grid Corporation of India announced that pursuant to its selection as the successful bidder under tariff based competitive bidding it has acquired from REC Transmission Projects Company Limited (the Bid Process Coordinator) Unchahar Transmission Limited (UNCHAHAR TL) the Special Purpose Vehicle to establish the transmission system for ATS of Unchahar TPS on build own operate and maintain (BOOM) basis.Power Grid Corporation of India's Board of Directors at its meeting held on 27 March 2014 accorded the investment approval for 'Augmentation of transformers in Northern Region - Part B' at an estimated cost of Rs 155.57 crore with commissioning schedule of 24 months from the date of investment approval.Power Grid Corporation of India's Board of Directors at its meeting held on 24 July 2015 accorded the investment approval for 'Transmission System associated with RAPP 7 & 8 Part-B' at an estimated cost of Rs 307.18 crore with commissioning schedule of 28 months from the date of investment approval matching with the Implementation Agreement (IA) signed with the generator. Power Grid Corporation of India's Board of Directors at its meeting held on 15 September 2015 accorded the investment approval for `North Eastern Strengthening Scheme-III' at an estimated cost of Rs 133.71 crore with commissioning schedule of 27 months from the date of investment approval.On 24 September 2015 Power Grid Corporation of India announced that Pole-I of q 800kV Agra - Bishwanath Chariali HVDC transmission line has been completed and power flow has commenced. This project is first q 800kV HVDC transmission line in the country and world's longest multi terminal HVDC transmission line with line length of approximately 1750 km. On 8 October 2015 Power Grid Corporation of India announced that it has incorporated a wholly owned subsidiary company named Grid Conductors Limited to manufacture aluminium and aluminium alloy electricity conductors at an estimated cost of Rs 127.35 crore.On 31 October 2015 Power Grid Corporation of India announced that it has been selected as the successful bidder under tariff based competitive bidding to establish transmission system for 'Strengthening of Transmission System Beyond Vemagiri' project on build own operate and maintain (BOOM) basis. The transmission project comprising 765 kV & 400 kV D/C transmission lines will traverse the states of Andhra Pradesh Telangana and Karnataka and include establishment of one 765/400 kV substation in Andhra Pradesh. On 2 April 2016 Power Grid Corporation of India announced that the company commissioned transmission projects worth Rs 30300 crore (unaudited) in Financial Year 2015-16.Power Grid Corporation of India's Board of Directors at its meeting held on 26 May 2016 accorded approval for Investment of 'North Eastern Region Strengthening Scheme - IV (NERSS - IV)' at an estimated cost of Rs 364.60 crore with commissioning schedule of 24 months from the date of investment approval.Power Grid Corporation of India's Board of Directors at its meeting held on 16 September 2016 accorded investment approval for 'System Strengthening in Southern Region - XXI' at an estimated cost of Rs 562.25 Crore with commissioning schedule of 30 months progressively from the date of investment approval.Power Grid Corporation of India's Board of Directors at its meeting held on 22 October 2016 accorded approval for amendment to Investment of 'North Eastern Region Strengthening Scheme - IV (NERSS - IV)' at an estimated cost of Rs 409.19 crore with commissioning schedule of 24 months from the date of investment approval.On 21 February 2017 Power Grid Corporation of India announced that it has been declared as the successful bidder under tariff based competitive bidding to establish '765kV Strengthening in Eastern Region (ERSS-XVIII)' on build own operate and maintain (BOOM) basis. On 23 February 2017 Power Grid Corporation of India announced that it has entered into loan agreement with Asian Development Bank (ADB) for an amount not exceeding USD 500 million for part funding of its various projects. On 24 March 2017 Power Grid Corporation of India announced that 1500 MW Pole-I of 800kV HVDC Champa-Kurukshetra transmission line has been put into commercial operation.On 5 April 2017 Power Grid Corporation of India announced that it has entered into loan agreement with Asian Development Bank (ADB) for an amount of USD 225 million (including USD 50 million as Clean Technology Fund) for part funding of its transmission projects associated with solar power parks. On 2 May 2017 the Department of Telecommunications Ministry of Communications Government of India granted Unified License to Power Grid Corporation of India with National Long Distance and Internet Services Provider - Category `A' service authorizations for providing telecom services. The license is valid for 20 years. On 17 August 2017 Power Grid Corporation of India announced that it has entered loan agreement with Asian Development Bank (ADB) for an amount of USD 500 million. The Board of Directors of Power Grid Corporation of India at its meeting held on 19 September 2017 accorded investment approval for 'Baharampur (POWERGRID) - Bheramara (Bangladesh) 2nd 400kV D/c Transmission Line (Indian portion)' at an estimated cost of Rs 198.49 crore with commissioning schedule of 24 months from the date of investment approval.On 29 September 2017 Power Grid Corporation of India announced that it has entered into a term loan facility agreement for Rs 3270 crore with ICICI Bank for the purpose of funding of capital expenditure for expansion renovation and setting up various on-going and new transmission projects.On 17 October 2017 Power Grid Corporation of India announced that the company was declared successful bidder under tariff based competitive bidding (TBCB) for the establishment of transmission system in state of Bihar. The project includes establishment of three new 400 kV substations and associated 400kV transmission lines.The Board of Directors of Power Grid Corporation of India at its meeting held on 2 November 2017 accorded investment approval for two projects at an estimated total cost of Rs 381.61 crore. The board also approved formation of a joint venture with Uttar Pradesh Power Transmission Corporation on 50:50 equity participation basis for taking up intra-state transmission system in Uttar Pradesh.On 7 December 2017 Power Grid Corporation of India entered into a loan agreement with Asian Infrastructure Investment Bank for an amount of USD 100 million for funding of HVDC Bipole link between Western Region (Raigarh Chhattisgarh) and Southern Region (Pugalur Tamil Nadu)- North Trichur (Kerala)- Scheme #2:AC System Strengthening at Pugalur end.The Board of Directors of Power Grid Corporation of India at its meeting held on 8 December 2017 accorded investment approval for two transmission projects (in Gujarat and Sikkim) at an estimated cost of Rs 268.53 crore. The Board of Directors of Power Grid Corporation of India at its meeting held on 6 January 2018 accorded investment approval for 'Transmission System for Ultra Mega Solar Power Park at Tumkur (Pavagada) Karnataka Phase II Part C' at an estimated cost of Rs 92.13 crore with commissioning schedule of 20 months from the date of investment approval.During the fiscal 2018the company made a capital investment (CAPEX) of Rs 25791 crore For this Rs 13760 crore were mobilized through private placement bonds & term loans Rs 4947 crore were mobilized through External Commercial Borrowings(ECB) Rs 6698 crore from internal resources and Rs 386 crore utilized grant received from PSDF & Central Financial Assistance(CFA) from MNRE.Further the company has set up its first Medium Term Note(MTN) program of USD 1 billion to offer debt securities for mobilization of funds from international market in one or more tranches.As on 31 March 2018 the company has 13 subsidiaries and 13 joint venture companies under its roof.During the FY 2018-19 the company made a capital investment (CAPEX) of Rs 25807 crore. Towards this Rs 11112 crore were mobilized through private placement of bonds & term loans Rs 6808 crore were mobilized through External Commercial Borrowings (ECB)/ Suppliers' Credit Rs 7282 crore from Internal Resources and Rs 605 crore in form of grants received from Power System Development Fund & from Central Financial Assistance (Ministry of New and Renewable Energy).The company signed following new loan agreements during FY 2018-19:a.Unsecured Syndicated Term Loan facility of JPY 22 billion with Sumitomo Mitsui Banking Corporation (SMBC) Aozora Asia Pacific Finance Ltd. and The Bank of Yokohama.b.Term Loan facility of ? 200 million from `KfW Frankfurt am Main (`KfW') Germany for financing high capacity transmission projects first such loan agreement signed by the Company under KfW's `Promotional Loan Category'.c.Term Loan of ? 10000 crore from State Bank of India.As on 31 March 2019 the company has 13 subsidiaries and 13 joint venture companies under its roof and these 13 subsidiaries have been acquired through Tariff Based Competitive Bidding(TBCB).During FY 2018-19 the Company has been conferred following important awards:a.CBIP Award 2019 for Best Performing Power Transmission Utility for its outstanding contribution to the power transmission sector in the country.b.CBIP Special Jury Award for Innovation Excellence in Power Transmission.c.2018 EEI Asia-Oceania Index Award at EEI (Edison Electric Institute) Global Electrification Forum for Highest Total Shareholder Returns in Gold Large Capitalization category.d.BML Munjal Award for Business Excellence through Leadership and Development for 2018 in PSU Services category.In FY 2018-19 Transmission assets consisting of 8468 circuit km (ckm.) of Extra High Voltage (EHV) transmission lines 40119 Mega Volt Ampere (MVA) transformation capacity and 10 new substations have been added. This includes 3543 ckm. 6000 MVA transformation capacity and 2 substations added during the year by the Company's wholly owned subsidiaries. At the end of 31st March 2019 the total transmission assets of POWERGRID and its subsidiaries stood at 158298 circuit km of transmission lines 245 substations and 371912 MVA of transformation capacity.During the FY 2019-20 the company made a capital investment of Rs 15313 crore on consolidated basis. To finance this investment the Company mobilised Rs 6391 crore through bonds & term loans Rs 3935 crore through External Commercial Borrowings (ECB)/ Suppliers' Credit Rs 4682 crore from Internal Resources and Rs 305 crore through grants received from Power System Development Fund & from Central Financial Assistance (Ministry of New and Renewable Energy).As on 31 March 2020 the company has 20 subsidiaries and 13 Joint Ventures Companies under its roof.As on 31 March 2020 the transmission assets owned and operated by the company (standalone) consist of 1225 transmission lines aggregating to 156884 ckm. 244 substations (including 15 HVDC substations and 43 GIS substations) with 400269 MVA of transformation capacity. The assets include more than 1300 transformers 14 STATCOMs and 5 Static Var Compensators (SVC) besides a number of Series Reactors and Thyristor Controlled Series Compensators (TCSC)/ Fixed Series Compensators (FSC).As on 31 March 2020 the company's total transmission assets including its wholly owned subsidiaries consist of 1264 transmission lines aggregating to 163282 ckm. 248 substations with an aggregate transformation capacity of 409899 MVA.In year 2020-21 the Company added d 7403 circuit km (ckm) of transmission lines 27624 Mega Volt Ampere (MVA) transformation capacity and 13 new substations (including subsidiaries and acquisitions). It commissioned Bipole 1 and associated HVAC and HVDC link under 800kV 6000 MW Raigarh - Pugalur - Trichur HVDC Transmission System enabled Inter-Regional power transfer of 3000 MW to meet power demand of Southern Region. One symmetrical monopole of VSC HVDC link along with HVDC lines and HVDC cables under 320kV 2000 MW Pugalur - Trichur HVDC Transmission System was commissioned. Transmission System for power evacuation from Ultra Mega Solar Parks of 2000MW at Tumkur (Karnataka) and 700MW at Banaskantha (Gujarat) was commissioned. At the end of FY 20-21 total transmission assets of POWERGRID and its subsidiaries stood at 170685 ckm of transmission lines 261 substations and 437523 MVA of transformation capacity. As on 31st March 2021 the inter-regional power transfer capacity of the transmission assets belonging to the Company andits subsidiaries was 90090 MW and inter-regional power transfer capacity of the National Grid was 105050 MW.During the year 2020-21 the Company emerged in five ISTS projects associated with renewable energy. Out of these two projects were acquired in FY 20-21. As on 31st March 2021 eight TBCB subsidiaries were fully operational with total TBCB transmission assets comprising 59 transmission lines with 7264 ckm & 7 Substations with aggregate transformation capacity of 16050 MVA. Cumulatively the Company at the end of FY 20-21 owned 22 TBCB subsidiaries.As on 31st March 2021 the Company's total transmission assets including of its wholly owned subsidiaries consist of 1321 transmission lines aggregating to 170685 ckm. 261 Substations with an aggregate transformation capacity of 437523 MVA. During year 2021 Company acquired 74% stake of Jaiprakash Power Ventures Limited at an aggregate consideration of Rs. 354.50crore resulting in JPL becoming a wholly own subsidiary of POWERGRID w.e.f. 25th March 2021. Consequent upon acquisition name of the Company has been changed from Jaypee POWERGRID Limited to POWERGRID Himachal Transmission Limited (PHTL). During year 2020-21 the Company incorporated a wholly owned subsidiary Central Transmission Utility of India Limited (CTUIL) on 28th December 2020 which was notified by the Govt. of India as `Central Transmission Utility' w.e.f. 01st April 2021 to undertake and discharge all functions of CTU.During the FY 20-21 8 additional Extra High Voltage (EHV) Substations were integrated with NTAMC for remote operation. At the end of FY 20-21 of which a total 242 Substations are being operated remotely from these asset management centres.During FY 2021-22 Company added 5450 circuit km (ckm.) of Extra High Voltage (EHV) transmission lines 43564 Mega Volt Ampere (MVA) transformation capacity 7 new substations including through its subsidiaries. Further about 8174 km of OPGW network was added during the year to support voice and data communication with Regional Load Dispatch Centres (RLDCs)/ State Load Despatch Centres (SLDCs) for effective grid management. Apart from these some important and large projects were completed during the year which included Pole 3 & 4 of HVDC Bipole link between Western Region (Raigarh Chhattisgarh) and Southern Region (Pugalur Tamil Nadu) Pugalur-Trichur 2000 MW VSC based HVDC System and the 765 kV D/C Vindhyachal Pooling Station-Varanasi Transmission Line. As on 31st March 2022 the inter-regional power transfer capacity of the transmission assets belonging to the Company and its subsidiaries was 97290 MW out of 112250 MW inter-regional power transfer capacity of the national grid.During year 2022 the Company signed agreements with Damodar Valley Corporation West Bengal State Electricity Transmission Company Limited Bihar State Power Transmission Company Ltd. and Assam Electricity Grid Corporation Limited for leasing of their OPGW fibres which provides it with access to additional 12000 km of OPGW network. During the year 2022 800 kV Raigarh - Pugalur HVDC link along with Bipole-II (Pole-III & IV 1500 MW each) and 320 kV 2000MW Pugalur - Trichur Voltage Source Converter (VSC) based HVDC System were commissioned (part of RaigarhPugalur- Trichur HVDC Scheme) which has enhanced the inter-regional power transfer capacity of national grid by 3000 MW. It commissioned 400 kV D/C Jawaharpur - Firozabad line. In FY 2021-22 Alipurduar-Jigmeling line (India portion) 400kV D/C (Quad) line was commissioned.During the year 2022 POWERGRID's wholly owned subsidiary POWERGRID Varanasi Transmission System Limited (PVTSL) commissioned Vindhyachal Pooling Station - Varanasi 765kV D/C Transmission Line which provides a strong connectivity between Northern Region and Western Region and has enhanced the inter-regional power transfer capacity of national grid by 4200 MW. During the year 2021-22 Company emerged in one Inter-State Transmission project associated with solar energy zones in Rajasthan and one Intra-State Transmission Project in Uttar Pradesh. Three project SPVs (Sikar-II Aligarh Transmission Limited Fathegarh Bhadla Transco Limited and Sikar New Transmission Limited) were acquired by the Company in FY 2021-22. As on March 31 2022 POWERGRID had 24 wholly owned subsidiary Companies.As on 31st March 2022 nine Tariff Based Competitive Bidding (TBCB) subsidiaries were completely operational and six out of seven elements of one subsidiary were operational. Cumulatively the Company at the end of FY 2021-22 owned 20 TBCB subsidiaries.As on 31st March 2022 Company's total transmission assets including those owned through its wholly owned subsidiaries consisted of 1352 transmission lines aggregating to 172437 ckm. 265 substations with an aggregate transformation capacity of 474457 MVA.During FY 2021-22 National Transmission Asset Management Centre (NTAMC) was set up at Manesar near Gurugram Haryana and RTAMCs were set up at various locations across the country. Nearly 22 additional Extra High Voltage (EHV) Substations were integrated with NTAMC for remote operation and accordingly a total of 264 Substations are now being operated remotely from these asset management centers at 31 March 2022.In year 2022 the Company setup the `POWERGRID Energy Services Limited' a wholly owned subsidiary to invest in and act as project management consultant in new & emerging business areas of Energy Management Smart Meters Smart Grid Energy Storage etc.During the year 2021-22 Company incorporated a wholly owned subsidiary `POWERGRID Teleservices Limited' on 25th November 2021 to undertake Telecommunications and Digital Technology Business.During the FY 2021-22 Company signed Joint Development Agreement with Africa50 to take up investment in Kenya under PPP mode through a Joint Venture with Africa50. It also signed Share Holders' Agreement with Nepal Electricity Authority for Development of Indian portion of 400 kV New Butwal (Nepal) - Gorakhpur (India) transmission line in 50:50 JV with Nepal Electricity Authority.

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