New Delhi: PowerGrid Corporation of India Ltd on Tuesday said it will sign a $16.7-million management contract with Ethiopia Power Company for two years.
“Ethiopia Power Company is an integrated firm with generation and distribution. PowerGrid will take up the key positions and manage the company for two years to make it more efficient and expand. The company is actively looking for business opportunities overseas as well as within the country,’’ PGCIL Chairman and Managing Director R. K. Nayak told mediapersons.
In addition, PowerGrid is targeting to implement a project in Bangladesh on build own operate transfer basis, he added.
At present, the transmission utility has a presence in 11 countries — Nepal, Afghanistan, Sri Lanka, Myanmar, UAE, Nigeria and Kenya.
Q3 Performance
The public sector company reported a 40 per cent rise in its net profit during third quarter of 2012-13 at Rs 1,129 crore (Rs 809 crore). The increase in profit after tax is primarily because of the increase in transmission charges to Rs 3,238 crore in the third quarter current year against Rs 2,340 crore in the same months the previous year.
During the three months ending December 31, PowerGrid’s total income moved up to Rs 3,490 crore from Rs 2,577 crore in corresponding period last year.
The Chairman said to strengthen the monitoring of transmission lines in the country, PowerGrid would introduce helicopter patrolling of the lines next year.
PowerGrid has also applied for wire business licence for few districts in Odisha, Nayak said.
PGCIL targets to connect the Southern Grid to the National Grid by March 2014.
At present, there is a synchronous connection of 4,000 MW connecting the Southern States to the rest of the nation.
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