Power Grid Corporation Of India Ltd.

Power Grid Corporation of India has received its board’s approval for investment in substation extensions for Transmission System associated with Vindhyachal-V (500MW) project of NTPC (Part-A)’ at an estimated cost of Rs 66.73 crore, with commissioning schedule of 30 months from the date of investment approval.

The company has also received its board’s nod for formation of Joint Venture Company (JVC) amongst POWERGRID with 14% equity, NTPC with 30% equity, Power Finance Corporation Limited (RFC) with 14% equity, Indian Renewable Energy Development Agency Limited (IREDA) with 14% equity, Power Trading Corporation of India (PTC) with 14% equity and Gujarat Power Corporation (GPCL) with 14% equity for development of offshore wind power in India.

Further, it has also received approval for long term borrowings for the Financial Year (FY) 2015-16 of Rs. 16,000 crore including Rs 3,000 crore tied up loan and remaining Rs 13,000 crore to be raised through domestic / external sources for financing of Power Grid Capital expenditure requirement and providing inter corporate loan(s) on cost to cost basis and back to back servicing, to project SPV’s acquired by Power Grid under Tariff Based Competitive Bidding (TBCB) Projects.

Power Grid Corporation of India is India’s principal electric power transmission company. It owns and operates most of India’s interstate and inter-regional electric power transmission systems with inter-regional power transfer capacity of about 20,800 MW and wheels nearly 45% of total power generated across India.