Power Ministry Begins Process to Set Up Rs 2,000 Crore Joint Venture for Rollout of Smart Metres
4 years, 6 months ago

Power Ministry Begins Process to Set Up Rs 2,000 Crore Joint Venture for Rollout of Smart Metres

News 18  

The Power Ministry has begun the process to set up a Rs 2,000 crore joint venture for providing a common backend infrastructure facility to power distribution companies for faster roll-out of smart electricity metres in the country. The joint venture would have four promoters, NTPC Ltd, REC Ltd, Power Grid Corporation of India Ltd and Power Finance Corporation. The boards of PFC and REC have approved equity investment of Rs 150 crore each in the joint venture for the CBIF, according to regulatory filings. In a BSE filing, the PFC stated, “The Board of Directors in its meeting held on 14th September, 2020 has accorded its approval for infusion of equity of Rs 150 crore in a joint venture company to be promoted jointly by NTPC, PGCIL, REC and PFC for setting up of a Common Backend Infrastructure Facility.” In a separate BSE filing, REC announced that its board in a meeting held on September 15 accorded its approval for infusion of Rs 150 crore as equity in the JV company for CBIF.

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