Shares of Power Grid Corporation Ltd were trading in the green and 1% higher on 19 February after the company received approval from the board of directors for an investment worth Rs 656 crore for implementing an electricity transmission project in India.

In its regulatory filing, the company said, “The Board of Directors and ‘Committee of Directors on Investment on Projects in their respective meetings held on 18 February, 2024, have accorded investment approvals,”

The approval includes implementing Unified Load Dispatch and Communication (ULDC) Phase-III (SCADA/EMS Upgradation Project Northern Region SLDCs for a total cost of Rs 514.66 crore and has to be completed by November 2025.

The Committee of Directors on Investment on Projects approved the augmentation of 765/400 kilovolt, 1500 megavolt-amperes transformer (4th) at Bhiwani at an estimated cost of Rs 141.09 crore that has to be commissioned by 5 May 2025.

At 3:30 pm, the shares of Power Grid closed 0.56% higher at Rs 276.10 on NSE.