August 28, 2008

PGCIL ready to foray into Myanmar

It is reported that Power Grid Corporation India Limited is planning to foray into neighboring countries, beginning with Myanmar.

After receiving the Navratna status, it can now take investment decisions without seeking government approval to form JVs up to INR 1,000 crore or 15% of its net worth.

Mr RP Singh CMD of PGCIL said that "PGCIL is planning to go in a big way to the neighboring countries. We are setting up transmission lines in Myanmar. Earlier the JVs took time as we had to follow the Public Investment Board route, but now they take less time." He added that it may also bid to set up electricity distribution networks in Turkey.

Power Grid is also planning an investment of INR 75,000 crore during the 11th plan period. It has set a target of INR 250 crore from the consultancy projects for the current fiscal.