Power minister Piyush Goyal has urged Central electricity transmission utility Power Grid Corporation (PGCIL) and state transmission companies to Â“unlock capitalÂ” that has accrued over years in transmission assets.
Power Grid CorporationÂ´s board has approved investment of over Rs 1,900 crore for expansion and upgradation works by the middle of 2016. The board in its meeting approved Rs 908.08 crore and Rs 539.82 crore for two transmission system strengthening schemes in the northern region, Power Grid said in a statement. The expansion and upgradation of load despatch centres for Rs 56.18 crore was also approved by the board.
The Reserve Bank of India (RBI) has raised the Foreign Institutional Investors (FIIs) investment limit in the Power Grid Corporation to 30 per cent of its paid up capital. The RBI said that FIIs, through the primary market and stock exchanges, can now purchase up to 30 per cent of the paid up capital of Power Grid Corporation of India under the Portfolio Investment Scheme.
To launch four power projects, Indian government-owned Power Grid Corporation is to invest Rs 2,820.04 crore. The power transmission major would invest Rs 1,364.52 crore in 'Eastern Region Strengthening Scheme-V' project, with commissioning expected in 30 months, the company said in a regulatory filing on October 30.