September 08, 2008

PGCIL eying overseas business opportunities

It is reported that, buoyed by increased autonomy accorded under its newly acquired Navratna status, Power Grid Corporation of India Limited is looking to spread its business overseas and is eyeing opportunities in West Asia and the African markets, with consultancy forays in Nigeria and Dubai on the anvil.

Mr J Sridharan director finance of PGCIL said that "We are in talks with Dubai Electricity & Water Supply to operate consultancy business for them." He added that opportunities in Nigeria are also being looked at. PGCIL has already received a contract for laying 3 transmission lines in Myanmar, while the firm has completed a pre-feasibility report on a proposed under sea transmission between India and Sri Lanka.

PGCIL is planning investment to the tune of INR 55,000 crore over the next 5 years for strengthening the national grid, including inter regional transmission systems and system strengthening schemes. It is planning to increase inter regional power transfer capacity of the grid to more than 37,000 MW by 2012.

PGCIL’s net profit for 2007-08 fiscal stood at INR 1,420 crore, while turnover was recorded at INR 4,700 crore, on the back of increased revenue from its core business and from telecom and consultancy functions.