Power Grid board approves Rs 3.32 bn investment, JV with RINL
Source: IRIS | 19 Sep, 2014, 05.18PM
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Power Grid Corporation of India, leading power transmission company in India, said Friday the board of directors has approved investment of Rs 3.32 billion for procurement of telecom equipment, DCPS and air-conditioning system. This will be commissioned with in the period of 24 months from the date of award. It will help in augmentation of telecom backbone and access network, the company said. The board also approved formation of joint venture company between Power Grid and Rashtriya Ispat Nigam (RINL). The joint venture will be on 50:50 equity participation basis for setting up manufacturing facility for transmission line towers & tower parts at Vishakhapatnam. Shares of the company to settle at Rs 136.60 at the BSE (Friday).
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