Power Grip Corp Board Approves Rs 810 Crore Investment Proposals and JV with RVPNL
The state-run company stated that the development is contingent upon receiving approvals from the power ministry, the Department of Investment and Public Asset Management (DIPAM), Niti Aayog, and other statutory authorities.
GE Power India | CMP: Rs X | Shares surged over 6 percent after the company secured a Letter of Intent (LoI) for a contract valued at Rs 243.46 crore from NTPC GE Power Services Pvt Ltd (NGSL).
Power Grid Corporation of India’s (PGCIL) board approved several investment proposals worth Rs 810 crore on June 21, according to a regulatory filing by the company.
PGCIL will invest Rs 117.51 crore to upgrade an existing facility in Madhya Pradesh, with the project expected to be commissioned in 18 months.
In Kurnool, the company will augment transformation capacity at a cost of Rs 163.61 crore, with the project slated for completion within 21 months from the date of intimation by CTUIL letter.
Additionally, PGCIL will invest Rs 104.22 crore for upgrade works at a plant in Veltoor, Telangana. Another major project involves an investment of Rs 424.21 crore for the implementation of unified load dispatch and communication phase-3 in the eastern region.
The board also granted in-principle approval for the formation of a joint venture with Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPNL) to develop the intra-state transmission system in Rajasthan, as stated in the stock filing.
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