State-owned Power Grid Corporation of India is in discussions with Saudi Arabia, Oman and UAE for interconnection opportunities, chairman and managing director Ravindra Kumar Tyagi told mediapersons in a post-earnings event on July 29.
The projects, at a scale of 2,000 - 2,500 mega watts, are yet to be finalised and their value is expected to be between Rs 35,000 crore and Rs 40,000 crore. Once finalised, these will be completed in five years, Tyagi said.
" It will be HVDC (high voltage direct current) cable going from India to Middle East and then this side also we will have HVDC station," Tyagi said adding that the central public sector undertaking company is providing data to the government of India on these projects.
Last year, India and Saudi Arabia signed a Memorandum of Understanding (MoU) in Riyadh to establish a framework for cooperation in the areas of electrical interconnection, green hydrogen, and supply chains.
Under the pact, subsea cables from the eastern coast of Saudi Arabia will be connected with the western coast of the Indian subcontinent, linking the grids of the Middle East and South Asia, according to reports.
As of now, India has been actively involved in several interconnection projects for power with its neighboring countries such as Nepal, Bhutan, Sri Lanka, Myanmar and Bangladesh. These projects aim to facilitate cross-border electricity trade, improve grid stability, and support economic development in the region.
Meanwwhile, Power Grid reported a consolidated net profit of Rs 3,723.92 crore for the first quarter of financial year 2024-25, up three percent from Rs 3,597.16 crore a year ago.
Revenue from operations were flat in the quarter at Rs 11,006.18 crore, compared to Rs 11,048.13 crore in the corresponding quarter last year.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
