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Power Grid Corporation of India planning an IPO for expansion
Power Grid Corporation of India (PGCIL) has come out with their revenue reports and has reported a 28 jump in net profit to Rs 1,009 crore. PGCIL added that they are planning to come out with their own IPO by the end of the current year for further growth and expansion.
The state owned company has fixed a capital expenditure of about Rs 6,000 crore for 2006-07 and are planning a foray into as many as 12 countries. This includes setting up a unit in China to provide consultancy, executing projects and operating transmission lines and grid network.
Power Grid Chairman and Managing Director R P Singh said in a statement on the company’s plans: “We are keen to bring an IPO… We think it will be in December this year.” he declined to provide more details on this upcoming IPO launch.
Singh further added that PGCIL has established an inter-regional capacity to transfer 9,500 mw of electricity and is now working on projects to enhance this capacity to 18,000 mw by 2007 and 37,200 mw by 2011-12.