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— Kamal Narang

New Navratna: Mr Raghunath Jha (left), Minister of State for Heavy Industries; Mr Jairam Ramesh, Minister of State for Power, and Mr R.P. Singh, Chairman and Managing Director, Power Grid Corporation of India Ltd, at a function as PowerGrid was granted the Navratna status, in the Capital on Tuesday.

Our Bureau

New Delhi, May 6 Buoyed by increased autonomy accorded under its newly acquired ‘navratna’ status, State-owned transmission major Power Grid Corporation of India Ltd (PGCIL) is looking to spread its business overseas. The company is eyeing opportunities in West Asia and the African markets, with consultancy forays in Nigeria and Dubai on the anvil.

“We are in talks with Dubai Electricity and Water Supply (DEWA) to operate consultancy business for them,” PGCIL’s Director (Finance), Mr J. Sridharan, told reporters here, adding that opportunities in Nigeria are also being looked at. PGCIL has already received a contract for laying three transmission lines in Myanmar, while the firm has completed a pre-feasibility report on a proposed under-sea transmission between India and Sri Lanka.

Following the award of the ‘navratna’ status on May 1, the public sector company would be entitled to forge joint ventures both in India and abroad, which can be up to 15 per cent of their net worth or Rs 1,000 crore, without taking prior permission of the Government.

PGCIL is planning investment to the tune of Rs 55,000 crore over the next five years for strengthening the national grid, including inter-regional transmission systems and system strengthening schemes. The company is planning to increase the inter-regional power transfer capacity of the grid to more than 37,000 MW by 2012.

PGCIL’s net profit for the financial year ended 2007-08 stood at Rs 1,420 crore, while turnover was recorded at Rs 4,700 crore, on the back of increased revenue from its core business and from telecom and consultancy functions.

More Stories on : Overseas Investments | Power | Power Grid Corporation of India

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