In a regulatory filing made after market hours yesterday, the company informed that it has been declared as the successful bidder for establishing a transmission system for evacuation of power from potential renewable energy zone in Khavda area of Gujarat.
The project comprises establishment of new 765/400/220kV (GIS) sub-station at a suitable location near South of Olpad, 765kV & 400kV D/C Transmission Lines and associated bays extension works at other existing substation in the State of Gujarat.
The winner was chosen post a tariff-based competitive bidding process.
The letter of intent (LoI) has been received by Power Grid Corporation of India on 19 September 2024.
Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. The firm is a Maharatna' company under Ministry of Power, GoI. As of 30 June 2024, the Government of India owned a 51.34% stake in the company.
The company reported 3.52% increase in consolidated net profit to Rs 3,723.92 crore in Q1 FY25 as compared with Rs 3,597.16 crore posted in corresponding quarter last year. Revenue from operations fell marginally to Rs 11,006.18 crore during the quarter as comapred with Rs 11,048.13 crore posted in corresponding quarter last year.
The scrip rose 0.37% to currently trade at Rs 336.15 on the BSE.