Power Grid Corp approves investment of Rs 821.29 cr in 5 projects

01 Apr 2022 CW Team

The Power Grid Corporation of India Limited (PGCIL) announced that its board of directors had approved investments in five projects worth Rs 821.29 crore across the country.

The first project involves strengthening the transmission system beyond Kolhapur (Maharashtra) for power export from solar and wind energy zones in the southern region for Rs 129.28 crore, with a completion date of February 2023.

The second project involves transmission system strengthening for the Srinagar-Leh transmission system, which is expected to be completed by December 2024 for Rs 288.71 crore.

The third project, which will cost Rs 176.22 crore and will be completed by March 20, 2023, will increase transformation capacity in the southern region.

The fourth project involves increasing transformation capacity at Kurukshetra and Patiala substations for Rs 106.99 crore, with ICT at Kurukshetra SIS expected to be operational by 15 February 2023 and ICT at Patiala SIS by May 2023.

The final project entails the evacuation of RE in the Wind Energy Zone 500 MW in Tirunelveli and Tuticorin (both in Tamil Nadu) for an estimated cost of Rs 120.09 crore, with a target completion date of March 2023.

The Government of India (GoI) established the Power Grid Corporation of India as the country's central transmission utility. The government of India owned 51.34% of the company as of December 31, 2021.

Power Grid Corporation of India reported a 2.2% drop in consolidated net profit in Q3 FY22 to Rs 3,292.97 crore, down from Rs 3,367.7 crore in Q3 FY21.

On the Bombay Stock Exchange (BSE), Power Grid Corporation of India's shares were trading 0.75% lower at Rs 210.65.

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Also read: PGCIL pauses laying of overhead transmission lines in Rajasthan

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