New Delhi, Aug 6 (UNI) Power Grid Corporation of India Ltd (PGCIL), the country's largest power transmission company, today said it has inked an agreement with hydro power developer Teesta Urja Ltd to form a joint venture (JV) company for building transmission lines to evacuate 1,200 MW power in Sikkim.
The JV firm-- Teestavalley Power Transmission Ltd, in which PGCIL will own 26 per cent stake and the rest by Teesta, will develop transmission system for evacuation of power from 1,200 MW Teesta-III Hydro Electric Project (HEP), being developed by Teesta Urja Ltd in Sikkim.
The project, to be built at an estimated cost of Rs 708 crore, will be funded through 70 per cent debt and the rest via equity.
It comprises construction of about 10 km Teesta-Mangan Transmission line and 180 km Mangan-Kishanganj Transmission Line.
The project, which is expected to be completed by September 2011, will be built up on build, own and operate (BOO) basis, a statement said.
The JV Board will be chaired by PGCIL CMD.
UNI BKS MP HS1721