Power Grid Board Nod For FPO (28-Jan-2010)
The board of Power Grid Corporation today gave its nod for the follow-on-public offer (FPO) of equity shares up to 10% of paid-up capital from domestic/external market for augmenting resources in order to fund its investment plans.
The government currently holds a stake of 86.36% in the company, while the rest 13.64% is held by public.
The company's board also got an approval to investment for 'Immediate evacuation System for Nabinagar TPS' (1000 MW) at an estimated cost of Rs 215.86 crore, with commissioning schedule of within 28 months from the date of investment approval.
Power Grid Corporation last week proposes Rs 50,000 crore of investment for developing seven transmission corridors in the next five years.
This will facilitate the smooth transmission of about 55,000 Mw, to be generated from the proposed independent power producers (IPPs) as well as merchant power plants (MPPs) in Chhattisgarh along with Orissa and Jharkhand.
The investment proposed is over and above the Rs 55,000 crore, which is planned for laying the inter-regional transmission capacity of 37,000 mw by the end of the eleventh plan period (2011-12), said a company executive on the sidelines of an event.
Moreover, PGCIL, seeking to attain the opportunities outside the country, is eyeing to acquire overseas subsidiary during the first half of 2011.
An official from the PGCIL said at present the company is having a vast presence in the country and they are looking forward for the acquisitions in overseas. Where, by during the first session of the 2011, the company would create a subsidiary abroad, where it would run on the guidelines of ONGC Videsh Ltd (OVL).
POWERGRID, a Navratna Public Sector Enterprise, is one of the largest transmission utilities in the world. POWERGRID wheels about 45% of the total power generated in the country on its transmission network. The company has a pan India presence with around 71,500 Circuit Kms of Transmission network and 120 nos. of EHVAC & HVDC sub-stations with a total transformation capacity of 79,500 MVA.POWERGRID has also diversified into Telecom business and established a telecom network of more than 20,000 Kms across the country.
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