The report on the 500 MW project, to be jointly implemented by Power Grid Corporation of India Ltd and Ceylon Electricity Board, has been already sent to the island nation.
It will only be the second project of its kind, after the transnational 2,000 MW power transmission line between Britain and France.
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"The draft report on the project has been sent to the Government of Sri Lanka from our side...Since they (Sri Lanka) will take power, and since undersea cables are expensive, so they have to finalise what to do next," PGCIL CMD R N Nayak said here.
The India-Lanka undersea cable project, to be implemented at an estimated cost of Rs 3,000 crore, was to be completed by 2013. The line is expected to expand to 1,000 MW later. The 285-km power link, including submarine cables over a stretch of 50 km, will enable the two nations to trade surplus power.
PowerGrid offers consultancy services abroad. It has over 100 consultancy clients in the power sector, the services including new transmission lines, substations and project management services.
The company, which is also providing consultancy to neighbouring Bangladesh to set up a 400 Kv HVDC network, besides planning to install transmission lines from the Bangladesh border, is looking for similar opportunities in Nepal and Bhutan.
PGCIL is executing an engineering consultancy assignment for two 400Kv sub-stations and associated overhead transmission lines in Dubai from Dubai Electricity & Water Authority.
Shares of the company were trading at Rs 149.05, up 0.85 per cent on the BSE.