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| Edited By: G Seetharaman |Source: DNA |Updated: Mar 30, 2018, 04:14 AM IST
Power Grid Corporation of India (PGCIL), the state-owned transmission company, plans to install about 65,000 circuit km (ckm) of transmission lines during the 12th Five Year Plan (2012-2017), which is more than twice the likely installation in the current Plan, said chairman & managing director RK Nayak.
The company’s target for the 11th Plan, which ends in March, was 37,000 ckm, but may end up with 28,000-30,000 ckm due to delays in commissioning of certain projects, he told reporters here on Monday.
PGCIL currently has 87,111 ckm of transmission lines across the country and carries half the country’s power. India has an installed capacity of over 180,000 mw.
The company has in the first half of the fiscal awarded 95 contracts having a total length of 4,224 ckm.
PGCIL, in which the government holds 69.42%, plans to spend Rs100,000 lakh crore in the 12th Plan compared to Rs55,000 crore in the 11th Plan.
“Till now (October), we have spent about Rs43,000 crore. We should achieve our target,” Nayak said.
PGCIL’s capital expenditure plan for the current fiscal is about Rs18,000 crore, one-third of which is funded through internal accruals and the rest through debt. The company has raised Rs5,000 crore through bond issues and Rs2,000 crore from external commercial borrowings.
“We will by December-January start raising the rest through bonds,” Nayak said.
A couple of years ago, the company diversified into consultancy and leasing of its towers to telecom companies. It has so far leased 800 towers and has floated tenders for another 30,000.
For the three months ended September 30, PGCIL’s net profit rose 9% to Rs709 crore on an 11% increase in revenues to Rs2,459 crore.
PGCIL has provided consultancy services to companies like GMR Energy, Adani Power, Jindal Power, Lanco Infratech and Reliance Power.
It also works with utilities overseas. Last fiscal, its consultancy business brought in Rs299 crore while the telecom arm earned Rs187 crore.
The power transmission company wheeled 30 billion units of power.
The PGCIL scrip closed at Rs100.67 on the BSE on Monday, up 1.65%.
