New Delhi, Jan 14 (UNI) Power Grid Corporation of India Ltd (PGCIL) today said it has entered into an agreement with Infrastructure Leasing and Financial Services Ltd (IL&FS) to undertake transmission activities.
The project, to be developed under Public-Private-Partnership (PPP), will include intra transmission and sub-transmission works, said a statement.
Both Power Grid and IL&FS will have 50 per cent stake in the new Joint Venture company christened 'Powergrid IL&FS Transmission Pvt Ltd', which will facilitate project preparation and development work for State Transmission Utilities (STUs).
Besides, the JV company will also act as a Bid Process Coordinator (BPC) of STUs and manage the bidding process for selection of the private implementing agencies.
In its earlier meeting, held on January 11, 2008, Powergrid IL&FS Board said it will undertake intra transmission and sub-transmission works within India and abroad including Interconnection with neighboring countries subject to bilateral agreement between the countries.
The Ministry of Power, Government of India, in line with Electricity Act, 2003, has opened up transmission sector for development through private sector participation to meet the huge resources requirements.
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