PGCIL Approves Rs. 655.75 Cr. Investment For Two Transmission Projects

Powergrid

Power Grid Corporation of India Limited (PGCIL) recently announced the approval of two investment projects worth Rs. 655.75 crores by its board of directors. The project included the implementation of unified load dispatch and communication (ULDC) phase III (SCADA/EMS upgradation project –northern region SLDCs) at an estimated cost of Rs 514.66 crore.

The committee of directors’ investment on projects has approved the project for the augmentation of 765/400 kV, 1500 MVA transformer (4th) at Bhiwani (delinked from transmission system for evacuation of power from RE parks in Leh (5 GW Leh-Kaithal transmission corridor). The project has an estimated cost of Rs 141.09 crore, scheduled to be commissioned in a timeframe of 18 months from the date of issue of (Ministry of Power) MoP.

PGCIL is engaged in in implementation, operation, and maintenance of inter-state transmission systems (ISTs), telecom, and consultancy services. The company’s consolidated net profit jumped 2.6% to Rs 4,028.25 crore on a 2.6% increase in net sales to Rs 11,549.79 crore in Q3 FY24 over Q3 FY23. The scrip rose 0.55% to Rs 276.35 on the BSE.

Last year, the Power Grid was declared a successful bidder under tariff-based competitive bidding (TBCB) for a transmission project in Rajasthan. A Letter of Intent (LoI) was issued on 29th December 2023, which was received by Power Grid Corporation of India Limited on 1st January 2024. “In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that Power Grid Corporation of India Limited has been declared as successful bidder under Tariff Based Competitive Bidding to establish Inter-State Transmission System for “Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part D – Phase I” on Build, Own Operate and Transfer (BOOT) basis,” the firm said.