• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

New Delhi, Dec. 12 Power Grid Corporation India Ltd (PGCIL) pulled out of the race for operating the Philippine national power grid and did not place a bid for taking over the State-owned transmission venture.

The mandate was bagged by a consortium including China’s State Grid Corporation with a $3.95-billion bid on Wednesday, in what would be the biggest privatisation in the Philippines’ history.

PGCIL had earlier formed a consortium with Manila-based Citadel Holdings Inc. in the run up to the bidding process. Out of the four consortia in the running, two ventures, including the PGCIL-Citadel joint venture, pulled out at the time of submission of bids.

A senior PGCIL official confirmed that while it had pulled out of the project in Philippines at the bidding stage, the company would be on the lookout for “similar opportunities in other countries.”

More Stories on : Announcements | Power

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Power Grid pulls out of race for Philippines grid

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line