Power Grid Corporation of India, a leading power transmission company in India, said the board of directors approved the investment of Rs 22.47 billion in 'Green Energy Corridors: Inter-State Transmission Scheme (ISTS)-Part-C'. The project is expected to be commissioned in 36 months from the date of investment approval.
Earlier, the company said it has acquired Gadarwara (A) Transco and Gadarwara (B) Transmission on Apr. 24, 2015, pursuant to its selection as the successful bidder under tariff based competitive bidding.
Gadarwara (A) Transco and Gadarwara (B) Transmission are special purpose vehicles to establish transmission system associated with Gadarwara STPS (2x800 MW) of NTPC (Part-A) and transmission system associated with Gadarwara STPS (2X800 MW) of NTPC (Part-B), on build, own, operate and maintain (BOOM) basis from REC Transmission Projects Company. The transmission system is to be constructed over a period of 32 months.
Shares of the company declined Rs 0.6, or 0.43%, to trade at Rs 139.35. The total volume of shares traded was 65,546 at the BSE (12.19 p.m., Tuesday).