Shares of Power Grid Corporation of India traded slightly higher on Tuesday after the company acquired two energy projects.
What happened: Power Grid has acquired two power transmission projects in Rajasthan. Both were acquired on a ‘Build, Own, Operate and Transfer’ basis after Power Grid emerged as the successful bidder in a tariff-based tender, the company said in a statement.
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The Rajasthan IV E power project includes the construction of a new 765-kilovolt substation at Rishabhdeo, Rajasthan and the construction of 765-kilovolt direct current transmission lines.
This includes the expansion of feeders in existing substations in Rajasthan and Madhya Pradesh. The company was acquired for a total consideration of around Rs 18.54 crore, including 50,000 equity shares of Rs 10 each.
The Rajasthan IV C power project includes setting up a new 765/400/220 kilovolt pooling substation at Mandsaur, construction of a 765 kilovolt direct current transmission line and extension of branches at existing substations in Madhya Pradesh. The company was acquired for approximately Rs 18.52 crore including 50,000 equity shares of Rs 10 each.
Price promotion: Power Grid Corporation of India traded 0.41% higher at ₹341.70 on Tuesday morning.
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