Power Grid Corporation of India rallies over 1% on Rs 5500 crore investment plans

NEW DELHI: Power Grid Corporation of India Ltd rose as much as 1.4 per cent in trade on Tuesday after the Central transmission utility approved investments of Rs 5,500 crore for upgrading networks in about 4 years.

At 09:30 a.m.; Power Grid pared some of the morning gains but was still trading 1 per cent higher at Rs 132.95. It hit a low of Rs 132.35 and a high of Rs 133.60 in trade today.

"Board of Directors of the Company approved strengthening the transmission corridor for independent power producers in Chhattisgarh at an estimated cost of Rs 5,151.37 crore," Power Grid Corporation informed the stock exchanges.

The commissioning schedule of the transmission project is 45 months from the date of investment approval, it said.

The board also approved investment for upgradation of the transmission system associated with Lara thermal power project of NTPC at an estimated cost of Rs 400.47 crore, with commissioning schedule of 34 months from the date of investment approval, the statement said.