State-run Power Grid on Thursday said that its board has approved a slew of proposals including investing ₹4,860.06 crore in three transmission projects, as well as forming a JV company with the Nepal Electricity Authority (NEA).
The proposals were approved by the transmission giant’s board of directors on Wednesday.
“Investment approval for transmission network expansion in Gujarat to increase ATC from ISTS: Part B at an estimated cost of ₹4,546.26 crore scheduled to be commissioned by June 2023,” it said in a filing to stock exchanges.
Investment approval for transmission network expansion in Gujarat to increase ATC from ISTS, Part C at an estimated cost of ₹186.19 crore scheduled to be commissioned matching with establishment of 400/ 220kV Prantij S/s and 400kV Sankhari- Prantij D/c line by GETCO. It is presently expected to be completed by March 2025, it added.
Investment in Western region
Another approval was for investment in Western Region Expansion Scheme XXVI at an estimated cost of ₹127.61 crore scheduled to be commissioned matching with downstream 220kV lines being implemented by MSETCL. Presently, it is expected to be completed by June, 2024, the PSU said.
“Incorporation of the Joint Venture company between Power Grid Corporation of India and NEA with equity participation of 50:50 by both JV partners for implementation of Indian Portion of New Butwal-Gorakhpur 400 kV Double Circuit (Quad Moose) Cross Border Transmission Line,” Power Grid said.
For FY22, Power Grid’s consolidated net profit rose by 39.78 per cent Y-o-Y to ₹16,824.07 crore from ₹12,036.46 crore in FY21. Consolidated total income rose 4.6 per cent to ₹42,697.90 crore against ₹40,823.53 crore during the same review period.
For Q4 FY22, it reported an 18 per cent Y-o-Y growth in consolidated net profit at ₹4,156.44 crore. Its consolidated total income grew 2.3 per cent Y-o-Y to ₹11,067.94 crore in Q4 FY22.