Power Grid gets board approval for 85 MW solar PV project at Nagda

2 Aug 2023 , 11:42 AM

Power Grid Corporation of India announced that it has received board approval to develop an 85 MW solar PV power plant in Nagda, Madhya Pradesh.

At around 11.37 AM, Power Grid Corporation was trading 0.68% lower at Rs 250.10, against the previous close of Rs 251.80 on NSE.

The project’s estimated cost is Rs 554.91 crore, with a 10-month implementation timeline from the date of award and a 5-year O&M phase for a solar plant.

The company’s standalone earnings fell 6% year-on-year to Rs 3,542.65 crore in the June quarter of FY24, from Rs 3,765.93 crore the previous year. Revenue from operations declined marginally to Rs 10,436.1 crore from Rs 10,446.08 crore in the previous year’s same quarter.

The company’s board of directors also proposed issuing bonus shares in a 1:3 ratio, and also approved funding up to Rs 12,000 crore from the domestic market in one or more tranches in fiscal year 2024-25.

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