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.
PowerGrid will now be able to provide its technical expertise to the state electricity boards (SEBs) for development of state transmission line projects, which was earlier under the boundary of SEBs only. Where IL&FS role will be extending legal, regulatory and financial support to the projects being taken up by the new company.
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