State-run electric power transmission utility Power Grid Corporation of India (PGCIL) commissioned projects worth Rs. 30,300 crore in financial year 2015-16. It also spent Rs. 25,000 crore in planned capital expenditure during the year.
"Power Grid Corporation of India Limited (POWERGRID), commissioned transmission projects worth Rs 30,300 crore (unaudited) during 2015-16, which is the highest-ever commissioning achieved by the Company in its history. The Company achieved the planned Capex of Rs.22,500 crore (provisional), [sic]" according to a statement issued by the Ministry of Power Tuesday.
PGCIL functions under the Ministry of Power. It is one of the 17 "navratna" central public sector companies as classified by the government of India.
During the year under review, the company established two new international interconnections, with Nepal and Bangladesh.
The one with Nepal stretches between Muzaffarpur in Bihar, India, and Dhalkebar in Nepal, and was jointly dedicated by Indian Prime Minister Narendra Modi and Nepalese Prime Minister KP Sharma Oli during the latter's visit to India in February this year.
The interconnection with Bangladesh is between Surjyamaninagar in Tripura, India, and Comilla in Bangladesh, the statement said.
PGCIL reported total revenues of Rs. 15,320 crore and net profit of Rs 4,428 crore for the nine months ended December 2015.
The share price of PGCIL closed at Rs 139 on the BSE Tuesday, up 0.29 percent from its previous close. The government has 57.90 percent stake in the company, which was listed in 2007.
In a related development, Piyush Goyal, Minister of State (IC) for Power, Coal and New & Renewable Energy, said Tuesday 7,108 villages have been electrified out of 18,452 un-electrified villages, and that India has become "coal surplus" even as public-sector enterprise Coal India achieved record output in financial year 2015-16.
"Coal India produced 536.5 million tonnes of coal recording 8.6% growth rate, highest ever since 1988. Solar projects worth more than 21 GW bid out were also bid out during the year, [sic]" he said at the annual session of industry body, the Confederation of Indian Industry (CII), according to a statement issued by his ministry.