PowerGrid & IL&FS to form 50:50 JV
PowerGrid & IL&FS to form 50:50 JV >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, reports DNA. 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. The new firm will take up 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. IL&FS will be extending legal, regulatory and financial support to the projects being taken up by the new company. The JV will have three ma jor functions - bid process management, trade development facilitation and project development facilitation to the SEBs for development of new transmission projects.
