G R Infraprojects ties with IndiGrid for power transmission bids

22 Dec 2022 , 05:43 AM

India Grid Trust and G R Infraprojects Limited (“GRIL”) have announced a strategic partnership in the Indian Power Transmission sector.  

According to the said press release, MoU has been signed to jointly bid for identified, transmission projects aggregating to approximately Rs5,000 crore. 

Ministry of Power has recently unveiled a plan for investment of Rs2,50,000 crore in building transmission infrastructure for meeting the vision of 500 GW of renewable energy capacity by 2030 to meet its energy transition goal. There is a meaningful opportunity for private sector to participate in the journey of energy transition and shape the future of the power landscape and enrich countless lives across the country.

Additionally, to commence the partnership,  IndiGrid  and GRIL have entered into a framework agreement to acquire 100% equity stake in Rajgarh Transmission Limited, which GRIL had won in March 2022. This project is part of the Interstate transmission system (ISTS) and comprises of 400/220kV Substation at Rajgarh and 400kV double circuit Line in Madhya Pradesh. GRIL with its proven capabilities in project execution, will develop execute the project, while  IndiGrid, with its operational and financial capabilities, will operate and manage the asset post‐acquisition from GRIL upon its COD.

‘Additionally, the expansion works received across few existing assets of  IndiGrid  aggregating to Rs230 crore on Regulated Tariff Mechanism (“RTM”) basis, enables us to leverage our operational and developmental capabilities and contribute towards sustainable increase in the DPU”, said Harsh Shah, Chief Executive Officer of IndiGrid.

At around 10:58 AM, G R Infraprojects was trading at Rs1135.95 per share lower by 2.84% on the BSE.

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