Power Grid Corporation enters into shareholder's agreement with Teesta Urja

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TATA TELE-QUIPPO OFFERING BETTER SERVICING DEAL FOR TOWERS: SOURCES
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DEAL VALUED AT AROUND RS.6000 CR : SOURCES
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APPROACHED SHELL FOR BUYOUTS BEFORE ESSAR'S EXCLUSIVE TALKS BEGUN
ESSAR-SHELL IN EXCLUSIVE NEGOTIATIONS TILL NOV 30 TO BUY 3 SHELL REFINERIES
RIL SPOKESPERSON: 'WE ARE REVIEWING A NUMBER OF GLOBAL OPPORTUNITIES'
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JSW ENERGY ALSO IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
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GAMMON INFRA BAGS NHAI PROJECT WORTH RS.850 CRORES
NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)

Updated: 08/08/2008 | 12:00 AM IST

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Capital Market

Friday, August 08, 2008 (New Delhi)

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To form a joint venture company

Power Grid Corporation of India has entered into a shareholder's agreement with Teesta Urja to form a joint venture company named Teestavalley Power Transmission on 06 August 2008. POWERGRID and Teesta Uija will have 26% and 74% stake respectively in the joint venture company.

The objective of the company is to develop associated transmission system for evacuation of power from 1200 MW Teesta-III HEP being developed in Sikkim by Teesta Urja. The project comprises of construction of 400 kV D/C Teesta - Mangan transmission line and 400 kV D/C Mangan-Kishanganj transmission line.

The project would be built up on build, own & operate basis and will also provide transmission capacity to carry power upto Kishanganj S/S of POWERGRID from various private HEPs being developed in North Sikkim.

The company made this announcement after the trading hours on Thursday, 07 August 2008.