siemens power projects pgcil power grid share price electricity
siemens power projects pgcil power grid share price electricityReuters file

Siemens India, an electronics and electrical engineering company, informed the stock exchanges on Tuesday that it bagged orders worth Rs. 570 crore from state-run Power Grid Corporation of India Limited (PGCIL) for installation of power projects in Bihar, Odisha and Jharkhand.

Shares of Siemens India gained 2.85 percent on the BSE to close at Rs. 1,290.10. 

"The scope of the order includes design, engineering, supply, civil, installation, testing and commissioning of Static Synchronous Compensator (STATCOMs) at four substation locations of PGCIL: Ranchi, Rourkela, Kishenganj and Jeypore across the states of Bihar, Jharkhand and Odisha," the Indian arm of the Munich-based multinational informed the BSE on Tuesday.

"The 400 kV STATCOMs are being manufactured at Siemens Ltd.'s manufacturing plant at Goa. With fast response time of STATCOM controls, power consumers will be benefited in the form of constant grid voltage and frequency leading to availability of uninterrupted quality power," the company said in its regulatory filing.

The latest win comes a week after Siemens India bagged a contract from state-run Diesel Locomotive Works, Varanasi, to design and install traction systems valued at Rs. 83 crore.

"The order is to design, supply and install 40 Alternating Current (AC) Traction Systems for dual-cab high horsepower diesel engine locomotives.The AC Traction Systems will be produced at Nashik Factory of Siemens Limited," the company informed the BSE on June 22.