Power Grid Corporation of India (PowerGrid) and Infrastructure Leasing and Financial Services (IL&FS) will form a 50:50 joint venture (JV) company for developing sub-transmission projects.
The boards of the two companies have given their approval for the collaboration; and an agreement to float the new company will be signed by the first week of October. The new entity will be called PowerGrid IL&FS Transmission and the new company will execute sub-transmission projects within and outside the country.