State-owned Power Grid Corporation of India Ltd. (PGCIL) has emerged as the successful bidder under tariff-based competitive bidding for a transmission project in Gujarat.
As a part of the project, the company will be required to establish an inter-state transmission system for the establishment of Khavda Pooling Station-3 in Khavda RE Park on a build, own, operate, and transfer basis.
The scope of the project involves the establishment of a new 765/400kV GIS Substation, 765kV D/C transmission line, and associated works in Gujarat.
The Letter of Intent (LoI) was received by Power Grid on February 27.
In the December quarter, the central transmission utility reported a nearly 11 percent growth in its consolidated net profit at Rs 3,645.34 crore compared to Rs 3,292.97 crore in the year-ago period, primarily on the back of higher revenues.
The total income of the company increased to Rs 11,530.22 crore in the quarter from Rs 10,723.61 crore in the same period a year ago.
During the quarter, an 800 ckm (circuit kilometer) transmission line and 6,450 MVA transformation capacity were added. The total transmission assets of the state-owned firm and its subsidiaries at the end of the quarter stood at 1,73,790 ckm of transmission lines, 270 substations, and 4,93,000 MVA of transformation capacity.
The company maintained average transmission system availability of 99.81 percent for the first nine months of the current fiscal due to the use of state-of-the-art maintenance techniques, automation, and digitisation.
Shares of Power Grid Corporation of India are trading 1.57 percent lower at Rs 218.75.
