Power Grid Corp, 3 others to submit final bids for TransCo in mid-December
Country's largest power transmission utility Power Grid Corp is pitched against three companies from Italy, Malaysia and China to secure a multi- billion dollar 25-year contract to run Philippines' transmission company.
By PTI |
NEW DELHI: Country's largest power transmission utility Power Grid Corp is pitched against three companies from Italy, Malaysia and China to secure a multi- billion dollar 25-year contract to run Philippines' transmission company, a final decision on which is likely by the middle of this month.
A consortium of Power Grid and Philippine investment firm Citadel Holdings is in the race for running National Transmission Company.
PGCIL said it is eyeing up to 20 per cent stake in TransCo, which was formed to manage the transmission assets of National Transmission Company.
TransCo is being valued at $4 billion and 20 per cent in the utility would mean PGCIL spending nearly $800 million for it. The contract would require the successful bidder to take over and manage assets of Transco for 25 years.
"The bidding will take place on December 12," Power Grid Chairman and Managing Director R P Singh told reporters.
Three consortia - Terna-Rete Electtrica Nazionale SPA of Italy with Two Rivers Pacific Holdings Corp, Malaysia's TPG Aurora BV and San Miguel Corp, and State Grid Corp of China with Monte Oro Grid Resources Corp - are the others which are in the fray.
A consortium of Power Grid and Philippine investment firm Citadel Holdings is in the race for running National Transmission Company.
PGCIL said it is eyeing up to 20 per cent stake in TransCo, which was formed to manage the transmission assets of National Transmission Company.
TransCo is being valued at $4 billion and 20 per cent in the utility would mean PGCIL spending nearly $800 million for it. The contract would require the successful bidder to take over and manage assets of Transco for 25 years.
"The bidding will take place on December 12," Power Grid Chairman and Managing Director R P Singh told reporters.
Three consortia - Terna-Rete Electtrica Nazionale SPA of Italy with Two Rivers Pacific Holdings Corp, Malaysia's TPG Aurora BV and San Miguel Corp, and State Grid Corp of China with Monte Oro Grid Resources Corp - are the others which are in the fray.
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