New Delhi: Energy Grid Company of India emerged because the profitable bidder below tariff-based aggressive bidding (TBCB) to amass ER NER Transmission (ETL).
The corporate acquired ETL, the undertaking particular function automobile (SPV), to determine an interstate transmission system for system strengthening scheme for japanese and northeastern areas, on a ‘construct, personal, function and switch (BOOT) foundation’ from the bid course of coordinator – REC Energy Growth and Consultancy.
The interstate transmission system includes upgradation works at 400/132kv Banka (Bihar) with an implementation schedule of 24 months and the institution of 220kV D/C transmission traces passing by means of the states of Assam and Arunachal Pradesh and bays extension works with an implementation schedule of 36 months, the corporate stated in a BSE submitting on Tuesday.
ETL was acquired for an combination worth of about ₹7.04 crore together with 50,000 fairness shares at par at ₹10 every together with property and liabilities of the corporate. Energy Grid Company of India Ltd (PGCIL) now owns a 100% stake in ETL, it stated.
ETL was included on 6 October 2021 by a bid course of coordinator. The entity is but to start out business operation, as such no turnover has been recorded since its incorporation. The entity will likely be working in India and is engaged within the enterprise of transmission of energy.
Energy Grid added that the approval for the grant of transmission license and adoption of transmission expenses are to be obtained from Central Electrical energy Regulatory Fee by ETL after the acquisition by the corporate.
Energy Grid Company of India has been established by the Authorities of India (GoI) because the central transmission utility of India. As of 30 June 2022, the Authorities of India owned a 51.34% stake within the firm.
On a consolidated foundation, Energy Grid Company of India’s internet revenue tumbled 36.6% to ₹3,801.19 crore in Q1 FY23 as towards ₹5,998.28 crore recorded in Q1 FY22.
Shares of Energy Grid Company of India have been down 0.19% to ₹208.55 on the BSE.
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Supply: Live Mint