Power Grid Corporation of India said that it has been declared as the successful bidder for establishing an inter-state transmission system for evacuation of power from Neemuch SEZ.
The company's bid has been declared successful under tariff-based competitive bidding (TBCB). The project has been awarded on a build, own, operate and transfer (BOOT) basis.
The letter of intent (LoI) dated 07 July 2022 has been issued to Power Grid Corporation of India.
Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. As of 31 March 2022, the Government of India owned a 51.34% stake in the company.
On a consolidated basis, the company's net profit rose 17.9% to Rs 4,156.44 crore on a 1.7% rise in net sales to Rs 10,686 crore in Q4 FY22 over Q4 FY21.
Shares of Power Grid Corp shed 0.59% to Rs 217.50 on the BSE.
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