Power Grid to set up transmission lines in Myanmar

New Delhi: Buoyed by the recently acquired navratna status from the government, transmission major Power Grid Corporation India Ltd (PGCIL) is planning to foray into neighbouring countries, beginning with Myanmar.

'PGCIL is planning to go in a big way to the neighbouring countries. We are setting up transmission lines in Myanmar,' PGCIL Chairman and Managing Director RP Singh said.

After receiving the navratna status, the public sector company can now take investment decisions without seeking government approval to form joint ventures up to Rs 1,000 crore or 15 per cent of its net worth.

'Earlier the joint ventures took time as we had to follow the PIB (Public Investment Board) route, but now they take less time,' Singh said.

The company may also bid to set up electricity distribution networks in Turkey, he said.

With the government targeting to add 78,000 Mw in the 11th Five-Year Plan,companies in the power generation and distribution sectors have lined up big investments.

Power Grid is planning an investment of Rs 75,000 crore during the plan period. The company has set a target of Rs 250 crore from the consultancy projects for the current fiscal.