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Wednesday, April 4, 2012

Power Grid okays Rs 9,884 cr worth investments

Power Grid on Tuesday said its board has approved three investment proposals worth Rs 9,884.19 crore.

These proposals were approved during the board meeting held yesterday, the company said in a regulatory filing.

The company would be setting up WR—NR HVDC Interconnector for independent power projects in Chattisgarh at a cost of Rs 9,569.76 crore. The project is expected to be commissioned within 39 months from the date of investment approval.

Power Grid would also invest Rs 198.63 crore for fibre optic communication system in Northern Region.

Further, the entity would pump in Rs 115.80 crore for fibre optic communication system under expansion of wideband communication network in Eastern Region.

Earlier this month, Power Grid’s board had approved investment proposals worth Rs 698.12 crore.

The transmission major posted a profit after tax of Rs 809 crore in the three months ended December 2011 as compared to Rs 591 crore in the same period a year ago.

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