India’s largest power transmission utility, Power Grid Corporation of India Limited has emerged as the successful bidder to establish Vindhyachal – Varanasi 765kV Transmission line as part of New WR-NR 765 kV Inter-Regional Corridor.
The other bidders who participated in the bidding included Essel Infra, Adani, Sterlite, China Southern Power Grid International (HK) Co., Ltd and L&T Infrastructure.
Both Sterlite and China Southern Power Grid International (HK) Co. failed to qualify in the auction.
The bidding was conducted on February 13 by REC Transmission projects company limited who has been nominated as the bid process coordinator by Government of India for the project.
On the back of higher revenues, the company recently announced posting a 5.8 percent jump in its standalone net profit at Rs 2,040.83 crore for quarter ended December 2017.
Its standalone net profit stood at Rs 1,930.02 crore in the quarter ended December 2016.
Apart from approving financial results, the board of directors of the company also declared an interim dividend of Rs 2.45 per share (face value of Rs 10 each) for 2017-18.
The total income of the company rose to Rs 7,785.04 crore in the quarter under review compared to Rs 6,787.51 crore a year ago.
The company’s net profit in April-December period also rose to Rs 6,234.28 crore compared to Rs 5,603.79 in the year ago period.
Total income of the company in the first nine months this fiscal also increased to Rs 22,667.39 crore from Rs 19,527.01 crore in the same period a year ago.