Powergrid posts 28.4% increase in profit

New Delhi, June 16 (UNI) Electricity transmission major Power Grid Corporation of India Ltd (PGCIL) today announced a 28.4 per cent increase in net profit for 2005-06 at Rs 1,009 crore as against Rs 786 crore in the previous year and said it was keen to go in for an Initial Public Offering (IPO).

The company also achieved a turnover of Rs 3,554 crore in 2005-06, an increase of 25.5 per cent as compared to 2,831 crore in 2004-05, Power Grid CMD R P Singh said here.

Power Grid added 4,400 circuit kilometers (Ckt Kms), 8 new sub-stations and 5000 MVA of transforming capacity.

The total network of PGCIL includes 55,120 Ckt Km, 93 sub-stations and 54,400 MVA of transforming capacity.

Mr Singh however, declined to elaborate on the forthcoming IPO and said the issue is under discussion with the government and would be decided by it latter. He also refused to speak on the size of the IPO.

A number of new projects have been undertaken to enhance inter-regional power transfer capacity to 18,000 MW by 2007 and 37,200 MW by 2011-12.

He said out of the budget allocation in 2006-07 of Rs 5,100 crore, the investment by the PGCIL would exceed Rs 6,000 crore next year.

The state-owned transmission company has also signed MOUs with five private producers-- Essar, Teesta Urja, Jaiprakash, Torrent Power, IL and FS/ONGC-- with a total estimated investment of Rs 3,700 crore.

''Whenver a private power producer approaches us, we readily agree to cooperate as the venture is mutually beneficial,'' Mr Singh said.

The first public-private joint venture with Tata Power for implementation of transmission system with TAla HEP at a cost of Rs 1600 crores has been signed yesterday, he said adding another for Koldam and Parbati 11 transmission system is under finalisation.

Power Grid is working in Afghanistan, Nepal, and Bhutan. It also is foraying in countries like Indonesia, Cambodia, Afghanistan, Ethiopia, Vietnam, kenya, China, Bangladesh, Nigeria and Kazakhastan.

Mr Singh said the company will create a National Load Dispatch Centre (NLDC) near Delhi which will be utilised for monitoring inter-regional tranfer of electricity.

Last year 35,000 million units of power had been exchanged within the country.

UNI RT CS KP1505