PGCIL board okays transfer of 26% equity in Vizag transmission proj to PGInvIT.

The board of state-owned power transmission company has approved the transfer of 26% residual equity in POWERGRID Vizag Transmission to PGInvIT.

''The Board of Directors of POWERGRID in their meeting held today i.e. 23rd February, 2022 have approved transfer of 26 per cent residual equity shareholding in POWERGRID Vizag Transmission Ltd. to PGInvIT,'' a regulatory filing said.

The board also approved relinquishment of Power Grid Corporation of India (PGCIL)'s right on additional revenue accruing to POWERGRID Parli Transmission, POWERGRID Warora Transmission and POWERGRID Jabalpur Transmission under change in law to PGInvIT against upfront consideration, it added.

On a consolidated basis, net profit of PGCIL declined 2.22% to Rs. 3292.97 crore on 3% rise in net sales to Rs. 10446.88 crore in Q3 December 2021 over Q3 December 2020.

PGCIL has been established by the Government of India (GoI) as the central transmission utility of India. As of 31 December 2021, the Government of India owned 51.34% stake in the company.

BS