Shares of Power Grid Corporation of India were trading slightly higher on Tuesday after the firm acquired two power projects.

What Happened: Power Grid has acquired two power transmission projects in Rajasthan. Both were acquired on a build, own, operate and transfer basis after Power Grid emerged as the successful bidder under tariff-based competitive bidding, the company said in a statement.

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The Rajasthan IV E power project involves setting up a new 765-kilovolt substation in Rishabhdeo, Rajasthan and constructing 765-kilovolt direct current transmission lines.

It also includes extending bays at existing substations in Rajasthan and Madhya Pradesh. The entity was acquired for a total of around ₹18.54 crore, which includes 50,000 equity shares valued at ₹10 each.

The Rajasthan IV C power project involves setting up a new 765/400/220 kilovolt pooling substation in Mandsaur, constructing a 765 kilovolt direct current transmission line and extending bays at existing substations in Madhya Pradesh. The entity was acquired for about ₹18.52 crore, including 50,000 equity shares valued at ₹10 each.

Price Action: Power Grid Corporation of India was trading 0.41% higher at ₹341.70 on Tuesday morning.

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