The board of directors of PGCIL has approved the formation of a joint venture with the Rajasthan state power transmission utility.
In a brief stock exchange filing, PGCIL said that its board of directors, in a meeting on June 21, 2024, approved the formation of a joint venture between PGCIL and Rajasthan Rajya Vidyut Prasaran Nigam Ltd – the state transmission utility of Rajasthan.
The proposed joint venture is meant for development of intrastate transmission system in the state of Rajasthan, PGCIL said, adding that the formation of the proposed JV is subject to approval of statutory authorities. No further details were provided.
As reported by T&D India on May 30, 2024, PGCIL, during FY24, reached an agreement with state transmission utility Rajasthan Rajya Vidyut Prasaran Nigam Ltd (RVPNL) to form a joint venture where PGCIL would hold 74 per cent equity, and RVPN, the remaining 26 per cent. This JV will be developing transmission infrastructure in Rajasthan. Initially, projects with an outlay of Rs.10,000 crore will be developed, followed by more projects subsequently.
PGCIL, it is learnt, is exploring similar joint ventures with other states like Andhra Pradesh, Uttar Pradesh and Assam.
JV with Bihar
According to information available with T&D India, PGCIL currently has a 50:50 joint venture “Bihar Grid Company Ltd” with Bihar State Power (Holding) Company Ltd being the other shareholder. This JV was formed in 2013 and has the mandate of developing an integrated and efficient intrastate power transmission system in the eastern state.
Also read: PGCIL Commissions Jamnagar Oil Refinery Connectivity Project For RIL
Featured photograph is for representation only
