POWERGRID sings three consultancy contracts with NEA

New Delhi: Powergrid Corporation of India Limited (PGCIL), a Maharatna PSU under the Ministry of Power, has signed three major consultancy contracts with Nepal Electricity Authority with aggregated consultancy fee of about Rs 45 crore on Thursday. The projects are funded by the Asian Development Bank (ADB). These have been bagged under international competitive bidding.

Powergrid financial performance

Powergrid has posted a net profit of Rs 2,571.10 crores for Q2 of FY 2019-20 (Jul-Sep, 2019), an increase of 9 percent against Rs 2,348.25 crores reported during the corresponding Q2 of FY2018-19. Total Income (turnover) of PowerGrid for Q2 (Jul-Sep, 2019) rose to Rs 9,260.46 crores, up by 6 percent from Rs 8,718.20 crores in the corresponding quarter ended September 30, 2018.

Nepal Electricity Authority (NEA)

Nepal Electricity Authority, founded on August 16, 1985, is the parent generator and distributor of electric power under the supervision of the government of Nepal. NEA owns Hydroelectric Plants connected to the grid amounting to 480 Megawatts.