GR Infra projects has engaged Standard Chartered Bank to raise Rs 1,670 crore in equity capital, according to sources familiar with the matter.

The funds will be allocated for developing greenfield power transmission projects. Traditionally focused on road and highway construction, GR Infra projects have diversified into the power transmission sector in recent years.

An industry executive noted that as India aims for 500 GW of renewable energy capacity by 2090, a robust transmission system will be essential for integrating large-scale renewable energy into the grid. This fundraising initiative will support the company's expansion in this area.

With a market capitalization of INR16,147 crore, the company's stock has risen 33% in the past year, outperforming the benchmark BSE Sensex, which has increased by 29%. Neither GR Infra projects nor Standard Chartered Bank responded to email
inquiries.

As part of its growth strategy, GR Infra projects recently acquired Tumkur-II REZ Power Transmission Ltd., a special purpose vehicle under REC Power Development and Consultancy, for Rs 6.7 crore.

This project involves constructing a 400/220kV, 4X500 MVA pooling station near Tumkur in Karnataka, along with a 27.2 km 400 kV transmission line and associated infrastructure, at an investment of approximately INR793 crore and a completion timeframe of 24 months. The initiative aims to transmit 17 GW of renewable energy from Karnataka.