Power Grid gains after boards approval to set up EV charging station

The estimated cost to set up the charging station is Rs 14.23 crore.

The Government of India established Power Grid Corporation of India granted investment approval for setting up an electric vehicle charging station in Navi Mumbai, India. 

The estimated cost to set up the charging station is Rs 14.23 crore. The electric vehicle charging station will be set up under FAME India Scheme Phase II. It has a commissioning schedule of 12 months for the charging station and 24 months for other infrastructure which includes kiosks, toilets etc, from the date of agreement to be signed between Power Grid and Navi Mumbai Municipal Transport (NMMT). 

The company's board has also approved the incorporation of a wholly-owned subsidiary to undertake the telecommunications and digital technology business of Power Grid. 

Power Grid Corporation of India was established by the Government of India (GoI) as the central transmission utility of the country. As of June 30, 2021, the Government of India held a 51.34 per cent stake in the electric utility manufacturing company. 

On Wednesday at 12:27 pm, the shares of Power Grid were trading 4.71 per cent higher at Rs 202.40 on BSE.

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