Power Grid Corporation of India, a leading power transmission company in India, announced that the board of directors have accorded two investment approvals worth Rs 10,466.9 million (Rs 10.47 billion). The board has given approval for sub-station works associated with System Strengthening in Southern region for import of power from Eastern Region' at an estimated cost of Rs 9,724.2 million, with commissioning schedule of 36 months from the date of investment approval with best efforts matching with the transmission line being implemented under Tariff Based Competitive Basis (TBCB); and

The other approval is for common transmission scheme associated with ISGS Projects in Nagapattinam / Cuddatore Area of Tamil Nadu - Part-A1(b)' at an estimated cost of Rs 742.9 million, with commissioning schedule of 30 months from the date of investment approval with best efforts matching with the transmission lines being implemented under Tariff Based Competitive Basis (TBCB).

Shares of the company declined Rs 1.4, or 0.94%, to trade at Rs 146.90. The total volume of shares traded was 39,081 at the BSE (10.54 a.m., Wednesday).