Powergrid to set up JVs with private players

New Delhi, Sept 2 (UNI) Country's biggest power transmission company, Power Grid Corporation of India (PGCIL) has said it is in process of setting up joint ventures with private players to lay power transmission lines and invest Rs 55,000 crores.

''Any independent power players (IPPs) can approach us for setting up a dedicated transmission system in the country.

Powergrid will own 26 per cent equity in the JV while the majority shareholder will be the private partner,'' company's Chairman and Managing Director R P Singh told reporters here while announcing its forthcoming initial public offer (IPO).

Powergrid will invest Rs 55,000 crore in the transmission sector in the 2007-2012 period, Mr Singh said, adding that the company has earmarked about Rs 8,500 crore out of this for setting up the transmission network for the ultra-mega power projects, two of which are already under development.

UNI