New Delhi: Power Grid Corporation Limited (PGCIL) has announced publicly that it would set up base in Dubai, and is also considering 20 percent stake in Philippines National Transmission Company for $800 million.

While discussing the growing prospects and added plans, R.P. Singh, PGCIL Chairman and Managing Director stated that the scheme to build up a base in Dubai was to target West Asian projects that are liked to consultancy and infrastructure.

Additionally, Mr. Singh said that the company was looking at Saudi Arabia and Africa, comprising South Africa for running system operations and handling transmission and distribution projects.

Mr. Singh said the corporation had submitted the expression of interest for picking a stake anywhere from 5-20 per cent in Philippines National Transmission Company, whose total valuation is being estimated at $4 billion.

“We are looking at expanding our operations abroad in a big way and increase overseas stake. If the deal in Philippines comes through, it will give us 18 per cent return annually, against 14-15 per cent in the country,” Mr. Singh added.

“The Dubai office will be opened within a fortnight. West Asia holds a lot of importance to us and the business prospects are quite huge. We expected a substantial amount of revenue from this region and that is why a Dubai office is being opened,” he added.

The corporation has recorded a net profit of Rs. 371.22 crore for the second quarter ended September 30, 2007. Its total income stood at Rs. 1,108.10 crore.