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PGCIL plans to spend Rs1 trillion on expansion

PGCIL plans to spend Rs1 trillion on expansion
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First Published: Tue, May 11 2010. 09 13 PM IST
Updated: Tue, May 11 2010. 09 13 PM IST
New Delhi: The nation’s biggest electricity transmission company Power Grid Corp. of India Ltd (PGCIL) said it may spend Rs1 trillion to more than double the size of its network as utilities build additional plants.
The company plans to add 80,000km of lines in seven years compared with the current network length of about 77,000km, director of projects I.S. Jha said in an interview.
PGCIL, which plans to raise Rs3,500 crore selling shares this year to fund expansion, is also building transmission lines connecting neighbouring countries. Indian utilities plan to nearly double generation capacity in the next seven years.
Current transmission capacity isn’t enough to support the generation capacity and lines need to be added quickly, said Anuj Upadhyay, a Mumbai-based analyst with Wallfort Financial Services Ltd.
PGCIL shares fell 1.3% to Rs106.60 on the Bombay Stock Exchange, falling for the eighth day in nine. The benchmark Sensex index dropped 1.1% to 17,141.53 points.
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First Published: Tue, May 11 2010. 09 13 PM IST