Rs 5,300 crore joint venture transmission project established
New Delhi, Mar 23 (UNI) Public sector, Powergrid today signed a MOU with private companies to set up one of the largest transmission grids in the country with a total investment of Rs 5,300 crores.
Powergrid would have an equity stake of Rs 413 crore in the JV with companies like ONGC/ILFS, Essar Power, Jaiprakash Group, Torrent group, Countrywide Power Transmisison Ltd and Teesta Urja ltd.
The power producers and developers had approached Powergrid to assist them as joint venture partners in setting up their transmission systems. Powergrid has agreed to consider investing the 26 per cent equity in the ventures, with majority stake from private players.
The transmisison schemes would entail construction of about 5000 Ckt Kms of lines, establishment of 6 new sub-stations and augmentation of five exisiting sub-stations, facilitating evacuation of combined power generation capacity of about 5900 MWs.
CMD, Powergrid R P Singh said that these ventures would enable timely completion of power evacuation systems and would also enable powergrid to construct and expedite the national grid formation by deploying lesser resources of its own. The national grid costs a whopping Rs 71,000 crores, Mr Singh said here at the MOU signing ceremony.
The JV would utilise the transmission utility's technical capabilities and expertise and would also bring in the much needed private capital in transmisison sector.
UNI/RT ARB BST1512