PowerMin awaits comments on hiving off POSOCO

Hiving off electricity grids operator POSOCO into a separate company is likely to take some more time with the Power Ministry yet to complete inter-ministerial consultations on the proposal.

Power System Operation Corporation (POSOCO), which ensures integrated functioning of regional and national electricity systems, is a wholly-owned subsidiary of state-run Power Grid Corp .

The move to make POSOCO a separate entity comes at a time when more private players are getting into power transmission segment.

The Power Ministry has floated a draft Cabinet note on the proposal and comments have not come from all the Ministries. Once the inter-ministerial consultations are complete, the Ministry would put it up for Cabinet approval, a senior official said.

Earlier, the Department of Public Enterprises had reservations about various aspects, including salary structure of a separate POSOCO. The concerns were sorted out by the Power Ministry before moving the draft Cabinet note.

Voices for making POSOCO an independent regulator gained momentum especially after the unprecedented collapse of electricity grids last year that affected more than half of the country's population.

Overdrawal of electricity, beyond their allocated quota, by some states, was cited as among the reasons for failure of grids last year.

Recently, Power Minister Jyotiraditya Scindia had said that private sector participation is being looked in the transmission sector and hence there is a need to make POSOCO a separate entity.

In 2012-13 financial year, POSOCO registered a net profit of Rs 85.65 crore while the turnover touched Rs 266.37 crore.

On November 05, 2013, Power Grid Corporation of India closed at Rs 95.35, down Rs 3.1, or 3.15 percent. The 52-week high of the share was Rs 122.45 and the 52-week low was Rs 86.70.

The company's trailing 12-month (TTM) EPS was at Rs 9.76 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 9.77. The latest book value of the company is Rs 56.68 per share. At current value, the price-to-book value of the company was 1.68.

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PowerMin awaits comments on hiving off POSOCO

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