State-run Power Grid Corporation of India Ltd. on Wednesday announced that it will invest Rs 330.61 crore in a transmission project in Rajasthan. The committee of directors approved the investment at a meeting held on December 13.
The project involves a transmission system for the evacuation of power from REZ in Rajasthan (20GW).
Power Grid is a 'Maharatna' public sector enterprise under the Power Ministry. The government holds a 51.34 percent stake in the company.
Power Grid is spending big money on expanding its capacity to set up more transmission lines in some states, as well as the transmission lines that go across state borders. It is also investing in creating more battery storage infrastructure.
The management in September announced that it would invest Rs 327.71 crore for a new transmission line project in Gujarat.
The transmission line will link Power Grid's pooling station with Reliance Industries Ltd.'s oil refinery in Jamnagar. The scheduled date of commissioning is September 2023.
For the September quarter, the company posted a standalone net profit of Rs 3,651.04 crore, an increase of 9.37 percent from Rs 3,338.27 crore in the year-ago quarter. The company's revenue from operations also rose by 7.3 percent to Rs 10,655.70 crore from Rs 9,930.74 crore in the year-ago period.
Shares of Power Grid Corporation are trading at Rs 216.55, down 1.21 percent.
