Power Grid Corp to invest Rs 477 crore in two transmission projects

NEW DELHI: State-owned Power Grid Corp has received approval of its board for investing Rs 477.24 crore in two transmission projects.

The approval was given by the company's board of directors during the meeting held on August 4, it said in a regulatory filing today.

The utility will invest Rs 288.49 crore for 'System Strengthening - XX in Southern Regional Grid'. Another Rs 188.75 crore would be put in for 'Transmission System for Connectivity for NCC Power Projects Ltd (1,320 MW)'.

Both projects are expected to be commissioned in 30 months from the date of investment approval.

The company posted a rise in net profit at Rs 1,136.51 crore in three months ended June.

The Power Grid scrip fell nearly 2 per cent to close at Rs 132.05 on the BSE.