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.
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.
(Edited by : Shoma Bhattacharjee)
