NEW DELHI: In keeping with the concept of public-private partnership (PPP) projects, the state-owned Power Grid Corporation of India Ltd. (PowerGrid) is set to enter into joint ventures with five companies on Thursday for implementing transmission projects at an estimated investment of Rs. 5,000 crore.

Having entered into similar alliance with the Tatas earlier, PowerGrid will now be inking memoranda of understanding (MoUs) on March 23 with the state-owned Oil and Natural Gas Corporation (ONGC) as also private sector entities such as Essar Power, Torrent Power, the JP Group and Teesta Urja for setting up transmission lines associated with their power generating stations.

The total transmission line route length of the five projects would be about 5,000 circuit km. While PowerGrid is to retain a minority stake of 26 per cent in each of the five joint ventures, the individual project developers will have the majority 74 per cent.

As for the five projects, ONGC is implementing a 750 MW gas-fired power unit in Tripura, while Essar and Torrent Power are setting up 1,500 MW and 1,000 MW gas-based projects, respectively in Gujarat.

The MoU with the JP Group is to be signed for its 1,000 MW Karcham project in Himachal Pradesh while that with Teesta Urja will be for its project in Sikkim.

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