Power Grid Corporation of India (PGCIL) announced on Friday the formation of joint venture with Reliance Energy. The shareholders agreement and other agreements to this effect were signed between PGCIL and Reliance Energy.
The joint venture company has in its scope execution of about 300 kms transmission lines from Parbati to Koldam and Koldam to Ludhiana. The company will have a 26% equity holding in the joint venture company and Reliance Energy will have 74% equity holding.
The above lines are part of elements of the transmission system associated with generation projects viz. Parbati-II HEP and Koldam HEP. NHPC is establishing 800 MW Parbati-II HER and NTPC is establishing 800 MW Koldam HEP in the state of Himachal Pradesh.
Shares of the company gained Rs 9.35, or 6.59%, to settle at Rs 151.2. The total volume of shares traded was 6,799,589 at the BSE. (Friday)
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