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Bengal prop for PowerGrid

Calcutta, Dec. 2: The Bengal government will facilitate the transfer of 11 acres to Power Grid Corporation of India for a substation at Rajarhat.

The 1,000-mega-volt-ampere substation will transform voltage to suit domestic and industrial needs of the region. It is part of the transmission line between Rajarhat in Bengal and Purnea in Bihar.

PowerGrid officials today said the state government would acquire the land and hand it over to the PSU by the end of this month.

R.P. Sasmal, director (operations) of PowerGrid, said though land acquisition was a headache for the transmission utility, the co-operation of the state government was critical.

“The state government is acquiring the land. In this case it is for the benefit of Bengal, so they have taken up the matter,” he said on the sidelines of announcing the company’s follow-on public offer (FPO).

“We have been told by the administration that by December, they will hand over the land,” he added.

PowerGrid was planning a substation in Bengal at Karandighi in North Dinajpur, which had to be relocated following land hurdles.

Sasmal said another substation at Alipurduar was on track.

Follow-on offer

PowerGrid expects to raise Rs 7,083 crore through the FPO, which will hit the market tomorrow. It includes 13 per cent of fresh issue and 4 per cent stake divestment by the government.

The offer will open tomorrow and close on December 5 for institutional investors and December 6 for retail investors and employees.

 
 
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