Powergrid enters JV with Il&FS

Thebullishtrends: Powergrid share price closed today at Rs.143.20(1.6%). Power Grid Corporation of India Ltd has informed that the Company entering into a Shareholder's Agreement with Infrastructure Leasing & Financial Services Ltd and POWERGRID for formation of Joint Venture Company named "POWERGRID IL&FS Transmission Pvt Ltd.

As per the reports "State-run Power Grid Corporation of India Ltd, on January 11, 2008 entered into a Shareholder's Agreement with Infrastructure Leasing & Financial Services Ltd. The new Joint Venture Company named "POWERGRID IL&FS Transmission Pvt Ltd" has since been incorporated. Both, the Company and IL&FS will have 50% stake in the company. The main Objective of Company is to undertake activities of project development of intra transmission and sub-transmission works for State Power Utilities, under Public-Private-Partnership (PPP) route within India and abroad including Interconnection with neighboring countries subject to bilateral agreement between the countries.Both Government of India and State

The Joint Venture Company also has objective to undertake transmission projects in the neighboring countries.The Joint Venture Company Board in its 1st meeting held on January 11, 2008 have approved that the Company will broaden its scope of development of transmission projects in India and abroad including interconnection with neighboring countries."