Power Grid board approves 3 investments worth Rs 733.32 crore

The board of directors of Power Grid announced on Friday the approval of three investment proposals worth Rs 733.32 crore cumulatively in power transmission projects.

'Provision of STATCOM’ at Nalagarh and Lucknow in Northern region at an estimated cost of Rs 431.89 crore has been approved with commissioning schedule of 30 months from the date of investment approval.

It also approved investment for provision series reactor in Northern region at an estimated cost of Rs 177.52 crore, with commissioning of schedule of 30 months from the date of investment approval.

The third approval is for Northern Region System Strengthening Scheme (NRSSS) XXXV at an estimated cost of Rs 123.91 crore with commissioning schedule 24 months from the date of investment approval.

Power Grid Corporation of India Limited, is an Indian state-owned electric utilities company with its headquarters in Gurgaon.

Stocks of the company closed at Rs 180.90 per share down 0.58% prior to this announcement.