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Our Bureau

New Delhi, Nov. 24 Power Grid Corporation of India Ltd (PGCIL) has entered into an agreement with Reliance Energy Ltd to set up a joint venture firm for executing transmission projects associated with two hydel projects.

The two companies have signed the shareholders’ agreement and other agreements to this effect, PGCIL said in a filing to the Bombay Stock Exchange.

The joint venture firm would evacuate electricity from NTPC Ltd’s Koldam hydel project as well as from National Hydroelectric Power Corporation’s Parbati-II project in Himachal Pradesh. It would lay about 300 km of transmission lines from Parbati to Koldam and Koldam to Ludhiana in Punjab, the company said.

The public sector firm would have 26 per cent equity in the joint venture while Reliance Energy would hold the rest. PGCIL also signed a letter of intent with Reliance Energy Transmission Ltd (RETL), a subsidiary of REL, for the Western Region System Strengthening Scheme-II (WRSS-II).

More Stories on : Alliances & Joint Ventures | Power | Reliance Energy Ltd

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