New Delhi: The state-run Maharatna power conglomerate Power Grid Corporation of India Limited (PGCIL) has approved an investment of Rs 14.23 crore for setting up an Electric Vehicle (EV) charging station under the FAME (Faster Adoption and Manufacturing of Hybrid and Electric vehicle) India Scheme Phase-II of the government at Navi Mumbai.

The Board has also given its consent for the incorporation of a wholly-owned subsidiary company of Power Grid to undertake its telecommunications and digital technology business of the company. The decision has been taken by its Board of Directors in their board meeting held on October 12. This information has been shared by the power PSU in a regulatory filing to the stock exchanges on October 12.

Board of Directors of Power Grid have approved an investment proposal for "Setting up of Electric Vehicle Charging Station in Navi Mumbai under FAME India Scheme Phase II" at an estimated cost of Rs 14.23 crore with a commissioning schedule of 12 months for the charging station and 24 months for other infrastructure i.e. kiosks, toilets etc. from the date of agreement to be signed between Power Grid and Navi Mumbai Municipal Transport (NMMT)," Power Grid said in a regulatory filing.

Further, they have also okayed the "Incorporation of a wholly-owned subsidiary of Power Grid to undertake telecommunications and digital technology business of Power Grid," it added.

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