Power Grid Corporation of India Ltd (PGCIL) on Tuesday said that it will sign a $16-million management contract with Ethiopia Power Company for two years.
“Ethiopia Power Company is an integrated firm with generation and distribution. PowerGrid will take up the key positions and manage the company for two years to make it more efficient and expand,’’ PGCIL Chairman R.K. Nayak told media persons.
The public sector company reported a net profit of Rs 3,255 crore and turnover of Rs 10,785 crore during the third quarter of 2012-13.
PowerGrid has also applied for wire business licence for few districts in Odisha, Nayak said.
PGCIL targets to connect the Southern Grid to the National Grid by March 2014. Currently, there is asynchronous connection of 4,000 MW connecting the Southern States to rest of the nation.