Power Grid Corporation, the country's largest power transmission utility, is eyeing up to 20% stake in Philippines' transmission company, estimated to cost $800 million, while setting up an office for consultancy services in Dubai.The company has submitted an expression of interest (EoI) for picking a stake anywhere from 5-20% in Philippines' National Transmission Company, whose total valuation is being estimated to be at $4 billion, R P Singh, chairman & MD, PGCIL said."We are a strong player in the county. A stake in an overseas company would give us 18% returns per annum, against 14-15% in the country," he said.The company has received board's approval for opening the office, which would provide consultancy services from concept to commissioning of power transmission and distribution units.The office would be opened in the next 10-15 days to provide consultancy services in that country and the Middle East region."Going forward we expect substantial revenues from the region. Middle East is a very important area for us, as we huge business prospects there," Singh said.He added PGCIL has also been declared as a winning company for a transmission contract from Nigeria."We got the information, but the Letter of Intent is yet to be received," he said.
