Areva T&D India, the local arm of French power equipment maker Areva, today said it has bagged four contracts worth Rs 350 crore from power transmission utility Power Grid Corporation of India (PGCIL) for developing four substations in the country.
Under the contract, the company in partnership with engineering major Larson and Toubro (L&T) would develop four extra high voltage (765 kV) substations at four different locations in the country, Areva T&D India said in a filing to the Bombay Stock Exchange.
"The company will deliver these projects in Lucknow, Ballia (both in Uttar Pradesh), Bina and Satna (both in Madhya Pradesh) in partnership with L&T," Areva T&D India said.
Areva said it will manufacture a portion of 765 kV equipment for these substations at its three manufacturing sites in the country. These manufacturing units are dedicated for extra high voltage transmission products.
"We will continue to be actively involved in Power Grid's plans to enhance its transmission capacities by developing its extra and ultra high voltage transmission networks," Areva's transmission and distribution systems Business Executive Vice President said.
Shares of Areva T&D India closed at Rs 339.50, down 5.76 per cent on the BSE.