Power Grid Corporation of India (POWERGRID) said it has been declared as successful bidder for a transmission project.

The company has emerged as the bidder under the tariff-based competitive bidding process, Power Grid said in an exchange filing.

The project comprises the installation of STATCOMs at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3) along with associated bays extension work in Gujarat, it said.

"This is to inform that Power Grid Corporation of India Limited has been declared as the successful bidder under Tariff based competitive bidding to establish an Inter-State transmission system for “Provision of Dynamic Reactive Compensation at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3)” on build, own, operate and transfer (BOOT) basis," the company said in a stock exchange filing.

Awarded on a build, own, operate, and transfer (BOOT) basis, POWERGRID received the letter of intent (LoI) for the project on September 23, 2024.

Power Grid Corporation of India reported a 3.7% year-on-year (YoY) dip in net profit at Rs 3,412.2 crore for the first quarter that ended June 30, 2024. In the corresponding quarter, the company had posted a net profit of Rs 3,542 crore.