Power Grid Corporation of India Unveils Investment Plans and Business Transfer Approval

17 Jul 2023 , 01:37 PM

Power Grid Corporation of India, the central transmission utility of India, has made significant announcements regarding investment proposals and business transfer approvals.

The company has proposed an investment of Rs 4067.27 crore for the implementation of advanced metering infrastructure projects. This project aims to modernize and upgrade the metering systems, enabling more efficient monitoring and management of electricity consumption.

Power Grid received approval for a revised investment proposal to establish a pilot data centre at the Power Grid Manesar Substation. The estimated cost for this project is Rs 713.83 crore, and it will be executed through the company’s wholly-owned subsidiary, Power Grid Teleservices.

The board of Power Grid Corporation approved the transfer of the telecommunications business undertaking to Power Grid Teleservices. This strategic move aligns with the company’s focus on streamlining operations and enhancing efficiency.

Established by the Government of India as the central transmission utility, Power Grid Corporation is a ‘Maharatna’ company under the Ministry of Power. As of December 31, 2022, the government held a 51.34% stake in the company, highlighting its significant role in India’s power transmission sector.

In Q4 FY23, Power Grid Corporation reported a consolidated net profit of Rs 4,320.43 crore, representing a 3.9% increase compared to Q4 FY22. The company’s net sales for the same period stood at Rs 12,263.72 crore, reflecting a 14.8% growth.

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