PowerGrid to set up subsidiary for overseas operations

Jun 24, 2004 02:00 AM

The national transmission utility PowerGrid Corporation of India proposes to set up a 100 % subsidiary to tap business opportunities in the robust international electricity market.
PowerGrid, which expects the approval of its board and the power ministry for the proposal, would contribute an initial capital of Rs 5 crore. The new subsidiary, christened PowerGrid Videsh, will be established on the lines of Oil and Natural Gas Corporation’s arm ONGC Videsh. PowerGrid Videsh would be functional within the next three months.

PowerGrid Corp chairman and MD R.P. Singh told that the new subsidiary would take up consultancy assignments for operation and maintenance of transmission systems, setting up of load dispatch centres and sub-stations, and laying of communication systems in various countries.
"PowerGrid Videsh will get associated in projects from the concept to commissioning level. PowerGrid Corp’s existing business development department can be converted into PowerGrid Videsh," he said.

Mr Singh said that PowerGrid, which was now involved in developing the national grid to carry 30,000 MW of power across India, could tap the emerging opportunities in the Gulf, South Africa, USA and other nations through PoweGrid Videsh.
"The idea of PowerGrid Videsh was mooted by power minister P.M. Sayeed who had recently visited PowerGrid Corp’s national load dispatch centre near Delhi. There are already queries from the members of Gulf Coordination Council, especially Saudi Arabia and Libya, for contracting the laying of 400 kV transmission lines and high-capacity communication systems," he added.

Mr Singh said that PowerGrid had lost a contract in the transmission segment by merely one point in Ethiopia as it lacked necessary experience in working abroad.
"The idea is to enter the international market as sub-contractor, gain necessary experience and later independently bid for projects," he explained.
Mr Singh said that PowerGrid had received consultancy contracts from the Bhutan government for laying of transmission and telecommunication systems and for establishing LDC.

Source: Indian Express Newspapers
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