Power Grid Corporation of India Ltd announced on Monday that it has inked a Memorandum of Understanding (MoU) with Rajasthan Rajya Vidyut Prasaran Nigam Ltd (RRVPNL) on March 10, 2024, to incorporate a joint venture (JV) company aimed at the development of intrastate transmission system in Rajasthan.
RRVPNL is a state government undertaking under the Energy Department of the Government of Rajasthan.
The proposed JV company will undertake projects worth not more than ₹10,000 crore in a phased manner. The equity participation of Power Grid Corporation in the aforestated JV company is set to be 74%, with the remaining 26% stake by RRVPNL.
Another state-owned company, Coal India Ltd (CIL) executed a Memorandum of Understanding with RRVPNL on March 10, 2024, in Jaipur for the exploration of various opportunities targeted towards securing power so that the growing energy demand can be met for the state of Rajasthan.
On Sunday, the wholly owned subsidiary of SJVN, SJVN Green Energy Ltd (SGEL), signed a Power Usage Agreement (PUA) with Rajasthan Urja Vikas and IT Services Ltd (RUVITL) for solar power of 500 MW in Jaipur.
As per this agreement, SGEL will supply a cumulative solar power of 600 MW for 25 years.
#PowerGrid in MoU with #RRVPNL to incorporate JV for intra state transmission system, co will have a 74% in the JV while Rajasthan Rajya Vidyut Prasaran Nigam will have 26%. Proposed JV shall undertake projects worth upto ₹10,000 cr in a phased manner pic.twitter.com/F9dmdtZnAH
— CNBC-TV18 (@CNBCTV18Live) March 11, 2024
Power Grid’s shares traded lower on Monday, down 2.08% to ₹286.55 at 1:40 pm.
(Edited by : Ajay Vaishnav)
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