Power Grid Plans Massive Undersea Interconnection With Middle East

State-run Power Grid Corporation of India is planning an undersea interconnection worth up to Rs 40,000 crore with Middle Eastern countries. Despite a modest June quarter, the company aims to accelerate growth by investing Rs 18,000 crore this fiscal year. Discussions are ongoing with Oman, Saudi Arabia, and UAE.

Power Grid Corporation of India, a state-run enterprise, is set to undertake an ambitious undersea interconnection project worth up to Rs 40,000 crore, connecting India and countries in the Middle East, a senior official revealed on Monday.

Following a subdued June quarter with nearly flat revenues, the company aims for a 4-5 per cent revenue growth in FY25, said Chairman and Managing Director R K Tyagi. The company plans to invest Rs 18,000 crore this fiscal year to bolster its growth rate, Tyagi noted.

Currently in discussions with Oman, Saudi Arabia, and the UAE, the Power Grid will establish a high-voltage direct current cable with a capacity of up to 2,500 MW, projected to cost Rs 35,000-40,000 crore and to be completed within six years.

(With inputs from agencies.)