POWERGRID

March 12 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWER GRID CORP - POWERGRID BUYS NES PUNE EAST NEW TRANSMISSION LIMITED

• POWER GRID CORP - NPENTL BOUGHT FOR AGGREGATE VALUE OF 80.5 MILLION RUPEES

Source text: ID:nBSE5jwpvS

Further company coverage: PGRD.NS

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March 11 (Reuters) - Railtel Corp RAIT.NS:

• RECEIVES LOI FROM POWER GRID CORP FOR 1.15 BILLION RUPEES

Source text: ID:nnAZN4SKNIR

Further company coverage: RAIT.NS

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March 9 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWERGRID TO RAISE UP TO 50 BILLION RUPEES VIA LOAN FROM UNION BANK OF INDIA

• APPROVES 2.34 BILLION RUPEES INVESTMENT FOR SECURITY OPERATIONS CENTER

• APPROVES IN PRINCIPLE DIVESTMENT OF CTUIL EQUITY TO GRID-INDIA

• POWERGRID APPROVES STRATEGIC ALLIANCE FOR TRANSMISSION PROJECT IN UGANDA

Source text: ID:nBSE3Brk7R

Further company coverage: PGRD.NS

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March 2 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• SEBI GRANTED RELAXATION SOUGHT BY COMPANY FOR CERTAIN REGULATIONS

Source text: ID:nBSE1WLTJT

Further company coverage: PGRD.NS

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Feb 24 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWERGRID NARELA TRANSMISSION HAS SUCCESSFULLY COMMISSIONED PROJECT

Source text: [ID:]

Further company coverage: PGRD.NS

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By Nikunj Ohri and Sarita Chaganti Singh

NEW DELHI, Feb 18 (Reuters) - India has begun easing its restrictions on buying Chinese equipment after a deadly 2020 border clash, allowing state-run power and coal companies to start limited imports as shortages and project delays mount, two government officials told Reuters.

This is the first significant easing of five-year-old curbs that have largely shut Chinese firms out of India's $700 billion-$750 billion government contract market.

Reuters reported in January that India is examining broader relaxations on Chinese bidders for government contracts as border tensions ease.

Since the 2020 clash, New Delhi has required Chinese bidders to register with a government panel and secure political and security clearances before competing for any state contract.

INTER-MINISTERIAL PANEL TO DECIDE FUTURE EXEMPTIONS

India has now allowed state-run entities to procure a power-transmission component from China without government approval.

It is weighing a similar, time-bound exemption for key coal-sector equipment, the two officials said.

The exemption was granted in the "national interest," as blocking Chinese imports would hurt India's manufacturing capability, one of the officials said.

A panel of top bureaucrats has approved the waiver, with a formal order expected soon, the two sources said.

The easing follows repeated requests from government departments facing shortages and project delays under the 2020 restrictions, both officials said.

India may allow case‑by‑case imports of critical Chinese equipment rather than fully reopen procurement, the officials said.

STRICT RULES HIT CAPACITY ADDITION

Since the border standoff, strained India-China ties have slowed the exchange of capital, technology and talent.

New project awards to Chinese bidders fell 27% to $1.67 billion in 2021 from a year earlier, a 2024 Observer Research Foundation report said.

India aims to add 500 GW of non‑fossil capacity by 2030, but execution delays and transmission bottlenecks persist.

Power transmission projects face a roughly 40% shortfall in transformers and reactors over the next three years, the second official said.

SHIFT COMES AS INDIA, CHINA REBUILD COMMERCIAL TIES

Such time‑bound exemptions would follow talks with ministries and security agencies, given concerns that low Chinese bids could undercut domestic firms, they added.

The finance, external affairs, industries, home, power and coal ministries did not immediately respond to Reuters' requests for comment.

The calibrated shift comes as India and China work to rebuild commercial ties, after U.S. President Donald Trump imposed a 50% tariff on Indian goods.

(Reporting by Nikunj Ohri and Sarita Chaganti Singh in New Delhi; Editing by Bernadette Baum)

(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

Feb 6 (Reuters) - Bajel Projects Ltd BAJL.NS:

• AWARDED 'LARGE' ORDER FROM POWERGRID CORPORATION OF INDIA

• ORDER VALUED BETWEEN 1 BILLION RUPEES AND 2 BILLION RUPEES

Source text: ID:nBSEbWbb01

Further company coverage: BAJL.NS

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Feb 4 (Reuters) - Power Finance Corp PWFC.NS:

• TWO UNITS OF PFC CONSULTING TRANSFERRED TO POWER GRID CORPORATION OF INDIA AND ENERICA INFRA 1

Source text: ID:nBSEnYV4q

Further company coverage: PGRD.NS

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Feb 3 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWER GRID CORP - POWERGRID BUYS SR AND ER POWER TRANSMISSION LIMITED

Source text: ID:nBSEbg4JYz

Further company coverage: PGRD.NS

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Feb 2 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• FY26 CAPEX GUIDANCE RAISED TO 320 BILLION RUPEES FROM 280 BILLION RUPEES

Further company coverage: PGRD.NS

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Jan 8 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWERGRID DECLARED AS SUCCESSFUL BIDDER UNDER TBCB

• PROJECT COMPRISES 400 KV D/C TRANSMISSION LINE TRAVERSING IN KARNATAKA

Source text: ID:nnAZN4RSWLD

Further company coverage: PGRD.NS

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** Shares of Power Grid Corporation of India PGRD.NS rise 1.4% to 264.10 rupees, set to snap three-session losing streak

** The electric power transmission company is a successful bidder for the battery energy storage project

** Project for setting up 2,000 MWh standalone battery energy storage system in selected sub-stations of APTRANSCO, Andhra Pradesh

** PGRD down ~14% YTD

(Reporting by Vijay Malkar)

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Dec 30 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• CO SUCCESSFUL BIDDER FOR 2,000 MWH BATTERY ENERGY STORAGE PROJECT

Source text: ID:nBSEbdmh5N

Further company coverage: PGRD.NS

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Nov 17 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWER GRID CORP - APPROVES FUND RAISE UP TO 38 BILLION RUPEES

• POWER GRID CORP - APPROVED RAISING FUNDS VIA NON-CONVERTIBLE BONDS

Source text: ID:nBSE1CLkBG

Further company coverage: PGRD.NS

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By Sethuraman N R

NEW DELHI, Oct 6 (Reuters) - India's federal power regulator has admitted petitions filed by two renewable energy developers seeking compensation for financial losses incurred due to delays in setting up transmission infrastructure, according to regulatory filings.

The outcome could set a precedent for renewable energy developers facing transmission bottlenecks, as India accelerates its clean energy rollout.

In the filing posted over the weekend, the Central Electricity Regulatory Commission (CERC) is examining whether the Power Grid Corporation of India PGRD.NS and the Central Transmission Utility of India, the institutions responsible for setting up transmission infrastructure, should compensate developers for losses.

CERC has asked both to respond within six weeks.

The developers, ACME Solar ACMO.NS and AMPIN Energy, argued in separate petitions that they suffered financial losses due to their inability to transmit power from their solar projects due to delays in operationalising transmission infrastructure.

The Gurugram-based ACME Solar is seeking more than 210 million rupees in compensation, while AMPIN Energy did not specify its losses.

CERC has directed the Central Transmission Utility and Power Grid to submit details on the transmission system, commissioning timelines, and reasons for the delays.

The petitions are scheduled to be heard on November 27.

Power Grid and the Central Transmission Utility did not immediately respond to Reuters' email seeking comments.

India has been forced to curb solar output during periods of low demand to maintain grid stability and ease congestion, as renewable energy supply rises and transmission projects lag.

Rajasthan, India’s top green power-producing state, has seen nearly 4 gigawatts of clean energy curtailed, with estimated losses of up to 2.5 billion rupees ($28.16 million), according to the Rajasthan Solar Association.

($1 = 88.7875 Indian rupees)

(Reporting by Sethuraman NR; Editing by Harikrishnan Nair)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Sept 30 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWER GRID CORPORATION OF INDIA LTD - DECLARED SUCCESSFUL BIDDER TO ESTABLISH INTER-STATE TRANSMISSION SYSTEM

Source text: ID:nNSE1y6syt

Further company coverage: PGRD.NS

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Sept 19 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWER GRID CORP - DECLARED AS SUCCESSFUL BIDDER UNDER TBCB

Source text: ID:nBSEbn1YvS

Further company coverage: PGRD.NS

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Aug 26 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWER GRID CORP - APPROVED IMPLEMENTATION OF NORTH-EASTERN REGION EXPANSION SCHEME

• POWER GRID CORP - ESTIMATED COST OF 2.09 BILLION RUPEES

Source text: ID:nBSE5xswcV

Further company coverage: PGRD.NS

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MUMBAI, Aug 11 (Reuters) - Power Grid Corporation of India PGRD.NS accepted bids worth 50 billion rupees ($570.74 million) for bonds maturing in 10 years, three bankers and traders said on Monday.

The company will pay a coupon of 6.98% and had invited commitment bids for the issue earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on August 11:

*Size includes base plus greenshoe for some issues

($1 = 87.6050 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia)

(([email protected], [email protected]))

MUMBAI, Aug 8 (Reuters) - Power Grid Corporation of India PGRD.NS plans to raise 50 billion rupees ($571.5 million), which includes a greenshoe option of 40 billion rupees, through sale of bonds maturing in 10 years, three bankers said on Friday.

The company has invited coupon and commitment bids for the issue on Monday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on August 8:

*Size includes base plus greenshoe for some issues

($1 = 87.4880 Indian rupees)

(Reporting by Dharamraj Dhutia)

(([email protected]))

July 11 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWER GRID CORP - COMMISSIONS SYSTEM STRENGTHENING SCHEME FOR EASTERN, NORTH EASTERN REGIONS

Source text: ID:nBSEb3Djfk

Further company coverage: PGRD.NS

(([email protected];;))

July 3 (Reuters) - Bajel Projects Ltd BAJL.NS:

• BAJEL PROJECTS LTD - SECURES NEW ORDER FROM POWERGRID CORPORATION OF INDIA

• BAJEL PROJECTS LTD - ORDER VALUED AT 3 BILLION RUPEES OR ABOVE

Source text: ID:nBSE7tdGLm

Further company coverage: BAJL.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, June 18 (Reuters Breakingviews) - India's expectations from its state-owned enterprises are unrealistic. New Delhi wants the profitable ones to make larger and more frequent dividend payments. That can boost government revenue, but the push overlooks companies' shrinking cash piles.

State companies paid out record dividends worth 1.5 trillion rupees ($17.31 billion) during the year ended March, with Oil and Natural Gas Corporation ONGC.NS and lenders including State Bank of India SBI.NS among the top payers. Overall, public sector companies distributed about a quarter of total dividends in the last financial year despite accounting for one tenth of India's market capitalisation.

Now the South Asian country is asking the cohort to increase dividends by about 25% for the financial year to the end of March 2026, Bloomberg reported this month, citing sources, and make the payments on a quarterly basis rather than annually. This looks like a step in the opposite direction of the government's own guideline from November, which relaxed the minimum yearly dividend requirement to the lower of 30% of net profit or 4% of net worth.

There is mounting budget angst. Earlier this year, Arunish Chawla, a secretary in the ministry of finance, argued high payouts are why mutual funds ought to include state-run firms in their investment portfolios. One unspoken aim may be to support public valuations. This would, in turn, help the government to raise revenue by selling state assets. Ensuring payouts at three-month intervals also could help stabilise inflows: tax income turned lumpy after GDP growth slowed through part of last year. The latest personal income tax cuts also will eat into future revenue.

Companies have limited room to step up, however. The cumulative free cash flows after deducting common dividends at eight large non-financial state-owned enterprises stood at 615 billion rupees ($7.14 billion) in March 2024, may have turned negative as of March, and could fall further by 2026, per estimates by Fitch Ratings. That's because the capital expenditure of companies like energy producer NTPC NTPC.NS and utilities provider Power Grid PGRD.NS is rising.

Investors typically shun or discount government-controlled companies precisely because they are vulnerable to official meddling in how they manage their finances. Making too high demands on the state sector is one way to ensure it shrinks sooner rather than later.

Follow Shritama Bose on Linkedin and X.

CONTEXT NEWS

The Indian government is asking state-run companies to increase dividend payouts by about 25% during the financial year to March 31, 2026, to bolster finances in a volatile global environment, Bloomberg reported on June 2, citing unnamed people with knowledge of the matter.

The government is requesting companies to make these payments on a quarterly basis rather than annually, the report added, and wants to collect about 900 billion rupees ($10.5 billion) through dividends in the year through March 2026 compared with 740.2 billion rupees received in the previous year.

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

June 16 (Reuters) - Nepal has begun exporting 40 megawatts (MW) of electricity to Bangladesh through India's power grid in its first move into the international energy market and positioning India as a key facilitator of regional electricity trading.

Nepal is also exporting 80 MW to Bihar state in India's east, Nepal's Energy Minister Dipak Khadka said on X on Sunday, adding that power exports had unlocked a 5,000 MW export market for the Himalayan nation.

The power transaction follows a tripartite agreement signed in October between Nepal Electricity Authority, Bangladesh Power Development Board, and India's NTPC Vidyut Vyapar Nigam.

India exports electricity to Nepal, Bangladesh and Myanmar, while importing power from Nepal and Bhutan and is discussing plans to integrate its grid with Sri Lanka.

The development comes as Nepal rapidly expands its hydropower capacity, with Indian hydro power producer SJVN SJVN.NS currently developing the 900 MW Arun-3 project in Nepal's Sankhuwasabha district.

In April, India's Power Grid Corporation PGRD.NS and Nepal Electricity Authority agreed to implement high-capacity cross-border transmission infrastructure to facilitate increased power trading.

Nepal, which has installed capacity of more than 3,000 MW, with 95% hydro, has also been seeking Indian investment to boost its hydroelectric output and export surplus power to New Delhi.

(Reporting by Sethuraman NR; Editing by Kate Mayberry)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

June 5 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWER GRID -TRANSMISSION NETWORK EXPANSION IN GUJARAT TO INCREASE ATC FROM ISTS, PART-C COMMISSIONED

Source text: ID:nBSE1y2SGY

Further company coverage: PGRD.NS

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May 19 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• APPROVES SALE OF STAKE IN TORRENT POWER GRID LIMITED

• APPROVES SALE OF STAKE IN SIKKIM POWER TRANSMISSION LIMITED

Source text: ID:nBSE1hHG99

Further company coverage: PGRD.NS

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April 24 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• COMMENCEMENT OF COMMERCIAL OPERATION OF 85 MW SOLAR PV POWER PLANT AT NAGDA, UJJAIN

Source text: ID:nBSE1ZBllb

Further company coverage: PGRD.NS

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Updates throughout

By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, April 22 (Reuters) - At least six Indian state-run companies have sought government approval to issue deep-discount bonds, opting for a rarely used corporate bond structure to raise relatively cheaper funds, four sources aware of the matter said on Tuesday.

These companies are Indian Railway Finance Corp (IRFC) INID.NS, Indian Renewable Energy Development Agency (IREDA) INAR.NS, Power Grid Corp of India (PGC) PGRD.NS, REC RECM.NS, SIDBI and NABARD, the sources said.

REC has yet again sought permission to issue these bonds, after having raised 50 billion rupees ($587 million) similarly in September, when aggressive bids led to lower-than-expected yields.

REC confirmed the development but none of the other firms replied to Reuters emails seeking comment.

Deep-discount bonds are generally issued at a more than 20%-25% discount to their face value and do not pay regular interest, a feature similar to zero-coupon notes that removes reinvestment risks.

The surge in interest from companies to raise funds via these bonds is because they reduce overall borrowing costs in an environment when interest rates are seen falling further.

For investors, these bonds, though not tax-free, offer a significant long-term capital gains benefit. That, along with the rarity of such issues, is boosting demand for such notes, bankers said.

"At maturity, investors receive a profit which is taxable as per capital gains rates. This helps reduce the effective tax rate for investors making zero-coupon bonds attractive," said Nikhil Aggarwal, founder and CEO of online bond trading platform Grip Invest.

Last week, Housing and Urban Development Corp (HUDCO) HUDC.NS became the third state-run company to get approval to issue these bonds.

"HUDCO was the most likely candidate and they have got the approval and we expect REC and IRFC to be the next likely candidates," one of the sources said.

The sources said the government's approval may come in phases as they are not comfortable with a surge in the supply of zero-coupon bonds. The sources refused to be identified as they are not authorised to speak to the media.

HUDCO got approval to raise 50 billion rupees through bonds with a maturity of 10 years and one month, while Power Finance Corp (PFC) PWFC.NS was approved to raise 100 billion rupees in March. Both have until the end of March 2027 to raise these funds.

($1 = 85.1780 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Savio D'Souza)

(([email protected];))

April 17 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWERGRID RAIPUR POOL DHAMTARI TRANSMISSION COMMISSIONED PROJECT

Source text: ID:nBSEbhmQ66

Further company coverage: PGRD.NS

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