India's Power Grid Corp. to set up energy efficiency unit

Pursuing diversification agenda, electricity transmission utility Power Grid Corp. of India Limited planned to set up an unit for providing energy efficiency solutions, said the media report.

The state-owned firm also intends to start manufacturing towers, conductors as well as equipment through joint ventures.

According to a corporate presentation made this month, the company plans to set up energy efficiency service company (ESCO) to provide energy efficiency solutions.

With regard to the plan for joint ventures, the utility has inked a memorandum of understanding with NALCO to explore opportunities in manufacturing conductors.

Meanwhile, Power Grid has finalized projects worth nearly $1.4 billion for developing intra-state transmission lines through joint ventures.

In this regard, agreements have been made with Bihar and Odisha, with a total project cost of $1.4 billion being finalized.

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