Homebusiness Newscompanies News

Power Grid to invest Rs 327.7 crore in Gujarat transmission line

Power Grid to invest Rs 327.7 crore in Gujarat transmission line

Power Grid to invest Rs 327.7 crore in Gujarat transmission line
Read Time
1 Min(s) Read
Profile image

By Jomy Jos Pullokaran  Sept 27, 2022 6:54:24 PM IST (Published)

PGCIL will link its pooling station with Reliance Industries Ltd's Jamnagar oil refinery in Gujarat. Shares of Power Grid Corporation of India Ltd ended at Rs 204.90, up by Rs 3.65, or 1.81 percent on the BSE.

State-owned Power Grid Corporation of India Ltd (PGCIL) on Tuesday said its board has approved an investment of Rs 327.71 crore for the transmission project line in Gujarat.

Recommended Articles

View All

According to the exchange notification on September 27, PGCIL will link its pooling station with Reliance Industries Ltd's Jamnagar oil refinery in Gujarat. The scheduled commissioning date is September 2023.
Earlier today, sources from the Union Finance Ministry told CNBC-TV18 that there is no proposal to have PGCIL acquire PFC's stake in REC, but the power minister is likely to issue a clarification soon.
"In fact, PFC acquired REC stake, which the government was holding in December 2018, and after that overall, REC has been functioning as a subsidiary of PFC. However, the government had direct control over REC. Meanwhile, there were options being explored in terms of who else could be suited for REC. But in the balance of things, yesterday , the power ministry took a call that the status quo would be maintained. As per the latest clarification, it is off the table," R. Lakshmanan, Executive Director of REC, told CNBC-TV18.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!