Power Grid to shutdown its 50:50 joint venture power transmission consultancy business with IL&FS

 

• Power Grid Corporation of India Ltd (PGCIL) said it has decided to shutdown its 50:50 joint venture power transmission consultancy business with IL&FS. "We have decided to make Powergrid IL&FS Transmission Private Ltd (PIPTL) a defunct company and have already filed an application with the RoC to allow us to declare it as a defunct company," PGCIL Director, Mr I S Jha said when asked. Declining to be identified, sources said the company, which is the third largest transmission company in the country, did not find the expertise provided by IL&FS to the consultancy business up to the mark and accordingly, decided to end the JV. PIPTL wa s formed just two years ago, in 2008. Revenue from the consultancy business accounts for 3.6 per cent of PGCIL's revenue.