Government today said that state-owned Power Grid Corporation has formed a joint venture company with Teesta Urja Ltd for developing transmission system to evacuate power from 1,200 MW Teesta-III Hydro Electric Project in Sikkim.
"Power Grid Corporation has formed a JV company with Teesta Urja Ltd to develop transmission system for evacuation of power from 1,200 Mw Teesta-III Hydro Electric Project (HEP) in Sikkim," an official statement today said.
Power Grid's stake in the Rs 708 crore project is 26 per cent and that of Teesta Urja is 74 per cent. It is scheduled to complete by September 2011.
The project would work on Build, Own & Operate (BOO) basis and will also provide transmission capacity to various private HEPs being developed in North Sikkim. The project would be built on 70:30 Debt Equity Ratio.
S K Chaturvedi took charge as the Chairman and Managing Director of Power Grid Corp on August 1.
