Power Grid Corp scouting for partners for US entry

State-run utility Power Grid Corp. of India Ltd is in advanced talks with an US firm to jointly bid for transmission projects in the US. The company is having discussions with different parties and will be participating in the bids within two-three months. PowerGrid transmits 45-50% of electricity in India. The company is also talking with Indian firm Kalpataru Power Transmission Ltd for the partnership in the US market.

The company expects to clock the turnover of Rs8,000 crore in the fiscal 2010 against Rs 6,675 crore in the year-ago period, while the profit in fiscal 2010 is likely to be “above Rs 1,800 crore” against Rs 1,690 crore in the previous fiscal.

The country added 3,453.7MW of power in 2008-09 against 9,263MW it added in 2007-08—which is about 63% down on year—according to data by Central Electricity Authority. It plans to spend about Rs 55,000 crore during the 11th Plan period ending 2012 and had tied up about 75% of the cash.