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New Delhi, Aug. 6

State-owned Power Grid Corporation of India has formed a joint venture company with Teesta Urja Ltd for developing transmission system to evacuate power from the upcoming 1,200 MW Teesta-III Hydro Electric Project in Sikkim. Power Grid’s stake in the Rs 708-crore project would be 26 per cent while Teesta Urja would have a 74 per cent stake, a statement said. The project, which would work on a Build, Own and Operate basis, is scheduled to be completed by September 201 1. It will provide transmission capacity to private hydel projects being developed in North Sikkim. The project would be built on 70:30 debt-equity ratio, the statement said.

— Our Bureau

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