Power Grid Corporation of India Ltd. (PGCIL), a state-owned company, announced on Tuesday that its board has authorised spending Rs. 327.71 crore on the transmission project line in Gujarat. PGCIL would connect its pooling station with Reliance Industries Ltd.’s Jamnagar oil refinery in Gujarat, according to the exchange announcement from September 27. It will be put into service in September 2023.
There is no plan for PGCIL to purchase PFC’s interest in REC, according to sources from the Union Finance Ministry who spoke to CNBC-TV18 earlier today. However, the power minister is anticipated to provide clarification shortly. In truth, PFC bought the government’s interest in REC in December 2018, and since then, REC has been operating as a PFC subsidiary altogether. REC was directly governed by the government. While this was going on, potential candidates for REC were being considered.