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16 May 2005 - India plans to open up its state run transmission company, Power Grid Corporation, by October 2005, with the intention of raising up to Rs15bn ($345m).

Senior members within the company have suggested that the Initial Public Offering would set a share price of around Rs45, which would equate to around Rs15bn given the number of shares that would be made available.

It is still unclear as to whether Power Grid will follow the path set by the National Thermal Power Corporation when it entered the general market, as it was not confirmed whether the government would divest an equal amount of equity this time around.

The news comes as Power Grid announced a three per cent drop in net profit during the last financial year, mainly due to the revisions made in Return on Equity by the industry regulator.

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