POWER GRID CORPORATION OF INDIA LTD. - Outcome of Board Meeting

Power Grid Corporation of India Ltd has informed BSE that the Board of Directors in their meeting held on September 17, 2014 have accorded following approvals:<br/><br/>1. Investment for 'Procurement of Telecom Equipment (DWDM/PTN/SDH), DCPS and Air-Conditioning System for Augmentation of Telecom Backbone and Access Network at an estimated cost of Rs. 331.88 Crore, with commissioning schedule of 24 months from the date of award.<br/><br/>2. Formation of Joint Venture Company between POWERGRID and Rashtriya Ispat Nigam Limited (RINL) on 50:50 equity participation basis for setting up manufacturing facility for Transmission Line Towers and Tower Parts at Vishakhapatnam.