Power Grid Corporation of India Ltd

Power Grid Corporation of India Ltd

Power Grid Corporation of India Ltd (PGCIL) is India's principal electric power transmission company. The company is engaged in the transmission of bulk power across different states of India. It owns and operates 90% of India's interstate and inter-regional electric power transmission system. The company's business segments are Transmission Consultancy Telecom and ULDC/ RLDC. The company has 1.45 lakh circuit kilometers of transmission network and 230 sub-stations as on 31 January 2018. It has a total transformation capacity of about 3.24 lakh megavolt ampere as on 31 January 2018. This gigantic transmission network spread over length and breadth of the country is consistently maintained at an availability of over 99%. The company has diversified into telecom business to utilize spare telecommunication capacity of unified load dispatch center (ULDC) schemes using country-wide transmission infrastructure. PGCIL is a public sector undertaking. The Government of India (GoI) held 56.91% stake in the company as on 31 December 2017.The company is certified for PAS 99:2006 which integrates the requirements of ISO 9001:2008 for quality ISO 14001:2004 for environment management and OHSAS 18001:2007 for health and safety management systems. They are also certified for Social Accountability Standard SA 8000:2008 for all their operations.Power Grid Corporation of India Ltd was incorporated on October 23 1989 with the name National Power Transmission Corporation Ltd.

The company was established with the responsibility of planning executing owning operating and maintaining the high voltage transmission systems in the country. In October 23 1992 the name of the company was changed to Power Grid Corporation of India Ltd.Initially the company was engaged in the management of the transmission assets owned by the central generating companies such as the NTPC NHPC Ltd and North-Eastern Electric Power Corporation Ltd. In January 1993 the transmission assets of NTPC Ltd NHPC Ltd and the North-Eastern Electric Power Corporation were transferred to the company pursuant to legislation promulgated by the Parliament with effect from April 1 1992.In the year 1993 the transmission assets of Tehri Hydro Development Corporation Ltd were transferred to the company pursuant to a memorandum of understanding executed between the parties. In the year 1994 the company took over the management of Southern Regional Load Despatch Centre. Also the transmission assets from Neyveli Lignite Corporation Ltd were transferred to the company. In the year 1995 the company took over the management of the Eastern Regional Despatch Centre and the North Eastern Load Despatch Centre. In the year 1996 they took over the management of the remaining two regional load despatch centres namely the Northern Regional Load Despatch Centre and the Western Load Despatch Centre. In the year 1998 the company was declared as a Mini Ratna Category I public sector undertaking by the Government of India.In the year 2001 the company was granted Infrastructure Provider II license (IP II) from the Department of Telecommunications GoI to pursue leasing of bandwidth capacity to various customers on their telecommunications network. In the year 2002 the company commissioned the unified load dispatch and communications schemes for the northern and southern regions. Also they commissioned the 2000 MW Talchar-Kolar bipolar HVDC link developed by the company. In the year 2003 the company entered into a joint venture arrangement with the Tata Power Company Ltd for implementing a part of the entire transmission system associated with Tala Hydro-Electric Project which was the first public-private sector initiative in the transmission sector. They commissioned the 400 KV Raipur-Rourkela line transmission line developed by the company. Also they secured their first international consultancy contract from Bhutan Telecommunications.In the year 2005 the company commissioned the unified load despatch and communications scheme for the eastern region. In the next year they commissioned the unified load despatch and communications scheme for the western region. Also they entered into an agreement with REC and certain state governments and state utilities for undertaking rural electrification works under the Rajiv Gandhi Grameen Vidyutikaran Yojana in nine states in India.In the year 2008 the company was declared as a Navratna public sector undertaking by the GoI. Also the company completed the 220 KV Double Circuit Transmission line from Pul-e-Khumri to Kabul Transmission System in Afghanistan. In the year 2009 the company established the National Load Despatch Centre. Also they incorporated their subsidiary company namely Power System Operation Corporation Ltd to look after Grid Management function in line with GoI directive. In the year 2010 the company commissioned the commercial operations of the National Load Despatch Centre. Also they commissioned the 220/110/20 KV Chimtala sub-station at Kabul Afghanistan. In March 2010 the company entered into a contract with UMS Group USA for the International Benchmarking of their O&M practices through International Transmission Operations & Maintenance Study (ITOMS) based on cost productivity service levels equipment maintenance Asset Management safety etc. Also the company commissioned transmission projects worth Rs 3610 crore during the financial year 2009-10.In May 31 2010 the CERC accorded regulatory approval to the company to proceed with the execution of nine high capacity transmission corridors with HVDC links/765 kV UHVAC lines to facilitate the evacuation of power from various generation projects being developed by independent power producers within India. During the year 2010-11 transmission projects worth Rs 7313 crore were commissioned as compared to Rs 3610 crore for the previous year. The company commissioned about 6760 ckm of transmission lines 11 new sub-stations and transformation capacity of about 9500 MVA.The company was ranked as 8th overall in the Fastest-Growing Asian Companies and 18th as Fastest-Growing Global Companies in the 'Platts Top 250 Global Energy Company rankings' for the year 2010.

The company has also featured in the 'Forbes Global 2000' list.The Board of Directors of Power Grid Corporation of India at its meeting held on 2 July 2010 approved Follow on Public Offer (FPO) of 20% of existing paid up share capital comprising fresh issue of 10% of existing paid up share capital and Offer for Sale (Disinvestment) of 10% of existing paid up share capital by Government of India subject to approval of the Cabinet Committee on Economic Affairs (CCEA).The Board of Directors of Power Grid Corporation of India at its meeting held on 23 November 2010 cut the Capital Budget Estimate of Rs 12900 crore for the Financial Year 2010-11 to Rs 11900 crore. This was done keeping in view the delay in schedules of some power generation projects including Subhansiri HEP.Power Grid Corporation of India's Board of Directors at its meeting held on 26 August 2011 accorded the investment approval for 'Transmission System for IPP generation projects in Madhya Pradesh and Chhattisgarh' at an estimated cost of Rs 1366.34 crore with commissioning schedule of 27 months from the date of investment approval.On 30 March 2012 Power Grid Corporation of India announced that the company has been selected as the successful bidder in its debut participation in tariff based competitive bidding for establishing transmission system associated with IPPs of Nagapattinam/Cuddalore Area: Package - A. The transmission system comprising 765 kV D/C & 765 kV S/C will traverse the states of Tamil Nadu and Karnataka and is to be constructed over a period of 36 months. On 19 April 2012 Power Grid Corporation of India announced that the company has been selected as the successful bidder under tariff based competitive bidding for establishing transmission system associated with IPPs of Vemagiri Area: Package - A in Andhra Pradesh.Power Grid Corporation of India's Board of Directors at its meeting held on 31 August 2012 accorded the investment approval for `System Strengthening - XIX in Southern Regional Grid' at an estimated cost of Rs 1935.35 crore with commissioning schedule of 27 months from the date of investment approval.Power Grid Corporation of India's Board of Directors at its meeting held on 14 October 2012 accorded the investment approval for `Strengthening Scheme in Northern Region' at an estimated cost of Rs 100.55 crore with commissioning schedule of 24 months progressively from the date of investment approval.Power Grid Corporation of India's Board of Directors at its meeting held on 6 December 2012 accorded approval for the formation of a joint venture company with Odisha Power Transmission Corporation Ltd for taking up intra state transmission projects in Odisha. The board also approved formation of a joint venture company with Bihar State Power (Holding) Co. Ltd. for taking up intra state transmission projects in Bihar. On 11 January 2013 Power Grid Corporation of India announced that the company has done a landmark transaction for US$ 500 million in debut issue in foreign currency market with a coupon rate of 3.875% p.a. for ten years note. On 11 March 2013 Power Grid Corporation of India's Board of Directors accorded the investment approval for 'Transmission System associated with Meja TPS' at an estimated cost of Rs 55.73 crore with commissioning schedule of 28 months from the date of investment approval.On 30 August 2013 Power Grid Corporation of India announced that the company pursuant to its selection as the successful bidder under tariff based competitive bidding has acquired from REC Transmission Projects Company Limited (the Bid Process Coordinator) Vizag Transmission Limited (VIZAG TL) the special purpose vehicle to establish the transmission system for system strengthening in Southern Region for import of power from Eastern Region on build own operate and maintain (BOOM) basis.On 18 November 2013 Power Grid Corporation of India announced that it has received approval from the Ministry of Power for follow on public offer comprising of fresh issue of 60.18 crore equity shares of the company and simultaneous disinvestment by Government of India of 18.51 crore equity shares. Power Grid Corporation of India's Board of Directors at its meeting held on 9 December 2013 approved the investment approval for 'Eastern Region Strengthening Scheme-X (ERSS-X)' at an estimated cost of Rs 143.94 crore with commissioning schedule of 24 months from the date of investment approval.On 25 March 2014 Power Grid Corporation of India announced that pursuant to its selection as the successful bidder under tariff based competitive bidding it has acquired from REC Transmission Projects Company Limited (the Bid Process Coordinator) Unchahar Transmission Limited (UNCHAHAR TL) the Special Purpose Vehicle to establish the transmission system for ATS of Unchahar TPS on build own operate and maintain (BOOM) basis.Power Grid Corporation of India's Board of Directors at its meeting held on 27 March 2014 accorded the investment approval for 'Augmentation of transformers in Northern Region - Part B' at an estimated cost of Rs 155.57 crore with commissioning schedule of 24 months from the date of investment approval.

Power Grid Corporation of India's Board of Directors at its meeting held on 24 July 2015 accorded the investment approval for 'Transmission System associated with RAPP 7 & 8 Part-B' at an estimated cost of Rs 307.18 crore with commissioning schedule of 28 months from the date of investment approval matching with the Implementation Agreement (IA) signed with the generator. Power Grid Corporation of India's Board of Directors at its meeting held on 15 September 2015 accorded the investment approval for `North Eastern Strengthening Scheme-III' at an estimated cost of Rs 133.71 crore with commissioning schedule of 27 months from the date of investment approval.On 24 September 2015 Power Grid Corporation of India announced that Pole-I of q 800kV Agra - Bishwanath Chariali HVDC transmission line has been completed and power flow has commenced. This project is first q 800kV HVDC transmission line in the country and world's longest multi terminal HVDC transmission line with line length of approximately 1750 km. On 8 October 2015 Power Grid Corporation of India announced that it has incorporated a wholly owned subsidiary company named Grid Conductors Limited to manufacture aluminium and aluminium alloy electricity conductors at an estimated cost of Rs 127.35 crore.On 31 October 2015 Power Grid Corporation of India announced that it has been selected as the successful bidder under tariff based competitive bidding to establish transmission system for Strengthening of Transmission System Beyond Vemagiri project on build own operate and maintain (BOOM) basis. The transmission project comprising 765 kV & 400 kV D/C transmission lines will traverse the states of Andhra Pradesh Telangana and Karnataka and include establishment of one 765/400 kV substation in Andhra Pradesh. On 2 April 2016 Power Grid Corporation of India announced that the company commissioned transmission projects worth Rs 30300 crore (unaudited) in Financial Year 2015-16.Power Grid Corporation of India's Board of Directors at its meeting held on 26 May 2016 accorded approval for Investment of 'North Eastern Region Strengthening Scheme - IV (NERSS - IV)' at an estimated cost of Rs 364.60 crore with commissioning schedule of 24 months from the date of investment approval.Power Grid Corporation of India's Board of Directors at its meeting held on 16 September 2016 accorded investment approval for System Strengthening in Southern Region - XXI at an estimated cost of Rs 562.25 Crore with commissioning schedule of 30 months progressively from the date of investment approval.Power Grid Corporation of India's Board of Directors at its meeting held on 22 October 2016 accorded approval for amendment to Investment of 'North Eastern Region Strengthening Scheme - IV (NERSS - IV)' at an estimated cost of Rs 409.19 crore with commissioning schedule of 24 months from the date of investment approval.On 21 February 2017 Power Grid Corporation of India announced that it has been declared as the successful bidder under tariff based competitive bidding to establish '765kV Strengthening in Eastern Region (ERSS-XVIII)' on build own operate and maintain (BOOM) basis. On 23 February 2017 Power Grid Corporation of India announced that it has entered into loan agreement with Asian Development Bank (ADB) for an amount not exceeding USD 500 million for part funding of its various projects. On 24 March 2017 Power Grid Corporation of India announced that 1500 MW Pole-I of 800kV HVDC Champa-Kurukshetra transmission line has been put into commercial operation.On 5 April 2017 Power Grid Corporation of India announced that it has entered into loan agreement with Asian Development Bank (ADB) for an amount of USD 225 million (including USD 50 million as Clean Technology Fund) for part funding of its transmission projects associated with solar power parks. On 2 May 2017 the Department of Telecommunications

Ministry of Communications Government of India granted Unified License to Power Grid Corporation of India with National Long Distance and Internet Services Provider - Category `A' service authorizations for providing telecom services. The license is valid for 20 years. On 17 August 2017 Power Grid Corporation of India announced that it has entered loan agreement with Asian Development Bank (ADB) for an amount of USD 500 million. The Board of Directors of Power Grid Corporation of India at its meeting held on 19 September 2017 accorded investment approval for 'Baharampur (POWERGRID) - Bheramara (Bangladesh) 2nd 400kV D/c Transmission Line (Indian portion)' at an estimated cost of Rs 198.49 crore with commissioning schedule of 24 months from the date of investment approval.On 29 September 2017 Power Grid Corporation of India announced that it has entered into a term loan facility agreement for Rs 3270 crore with ICICI Bank for the purpose of funding of capital expenditure for expansion renovation and setting up various on-going and new transmission projects.On 17 October 2017 Power Grid Corporation of India announced that the company was declared successful bidder under tariff based competitive bidding (TBCB) for the establishment of transmission system in state of Bihar. The project includes establishment of three new 400 kV substations and associated 400kV transmission lines.The Board of Directors of Power Grid Corporation of India at its meeting held on 2 November 2017 accorded investment approval for two projects at an estimated total cost of Rs 381.61 crore. The board also approved formation of a joint venture with Uttar Pradesh Power Transmission Corporation on 50:50 equity participation basis for taking up intra-state transmission system in Uttar Pradesh.On 7 December 2017 Power Grid Corporation of India entered into a loan agreement with Asian Infrastructure Investment Bank for an amount of USD 100 million for funding of HVDC Bipole link between Western Region (Raigarh Chhattisgarh) and Southern Region (Pugalur Tamil Nadu)- North Trichur (Kerala)- Scheme #2:AC System Strengthening at Pugalur end.The Board of Directors of Power Grid Corporation of India at its meeting held on 8 December 2017 accorded investment approval for two transmission projects (in Gujarat and Sikkim) at an estimated cost of Rs 268.53 crore. The Board of Directors of Power Grid Corporation of India at its meeting held on 6 January 2018 accorded investment approval for 'Transmission System for Ultra Mega Solar Power Park at Tumkur (Pavagada) Karnataka Phase II Part C' at an estimated cost of Rs 92.13 crore with commissioning schedule of 20 months from the date of investment approval.