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New JV formation for transmission projects in Odisha and Bihar

Power Grid Corporation of India have approved formation of JV companies in Odisha and Bihar at a recent meeting with the Board of Directorst. They have accorded approval for (a) formation of a Joint Venture Company With Odisha Power Transmission Corporation Ltd for taking up Intra State Transmission projects in the state of Odisha; and (b) formation of a Joint Venture Company with Bihar State Power (Holding) Co. Ltd. for taking up Intra State Transmission projects in the State of Bihar. The scope of Intra State works is yet to be finalized.

The JVCs to be formed may have a debt equity structure of 80:20 and will have a suitable payment security mechanism.

The Power Grid Corporation of India Ltd stock closed the day at Rs.118.70, down by Rs.1.30 or 1.08%. The stock hit an intraday high of Rs.120 and low of Rs.118.30. The total traded quantity was 1.82 lakhs compared to 2 week average of 2.94 lakhs.

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