Power Grid hikes capex for 2012-17 by Rs 10,000 cr

Power Grid hikes capex for 2012-17 by Rs 10,000 cr
Considering the additional projects undertaken by the firm, state-run Power Grid Corp has increased its capital expenditure for 2012-17 by Rs 10,000 crore, said the media report.

"Earlier, in the 12th Plan period (2012-17), we had planned to invest Rs 1 lakh crore for transmission network addition, of which we have already made a capital expenditure of Rs 20,037 crore in the last financial year (2012-13)," Power Grid Corp Chairman and Managing Director R N Nayak said in a statement.

According to the media report, the company is taking over additional projects which have increased the investment programme to over Rs 10,000 crore in the 12th plan.

"Increased investment requirement calls for infusion of additional equity and the FPO is expected shortly." Nayak added.

Moreover, the Power Ministry has proposed raising 13 per cent fresh equity for the company and 4 per cent of stake sale by the government, post Cabinet approval. At the current price, a 13 per cent stake is valued at about Rs 6,000 crore.

Dion Global Solutions Ltd.

Story first published: Friday, September 20, 2013, 9:10 [IST]
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