Power Grid Corporation of India (PGCIL) in consortium with Philippine investment firm Citadel Holdings is competing with three companies from Italy, Malaysia and China to secure a multi-billion dollar 25-year contract to run the National Transmission Company .
A final decision on this contract is likely by the middle of this month.
PGCIL is eyeing up to 20% stake in TransCo, which was formed to manage the transmission assets of National Transmission Company.
TransCo is being valued at USD 4 billion and 20% in the utility would mean PGCIL spending nearly USD 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. 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 in the fray.
Shares of Power Grid closed up Rs 5.1, or 3.57%, at Rs 147.9. The total volume of shares traded at the BSE was 3,766,151. (Friday)
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