State-owned Power Grid Corporation board approved an investment proposal of Rs 554.91 crore for an 85 MW solar power project at Nagda in Madhya Pradesh.

"Board of Directors of POWERGRID in their meeting held on 31st July 2023 have accorded Investment Approval for implementation of 85 MW Solar PV Power Project at Nagda (MP) at an estimated cost of Rs 554.91 crore with an implementation schedule of 10 months from the date of award and O&M (operation and maintenance) phase of five years for Solar Plant," a BSE filing said.

Notably, a few days ago, Chief Minister Shivraj Singh Chouhan declared the industrial town Nagda as the 54th district of the state. The new district will be carved out of Ujjain district.