KATHMANDU: Power Grid Corp of India Ltd said yesterday that its board has approved the company’s 26 per cent stake in a joint venture named Power

Transmission Co Nepal Ltd, which is setting up a transmission line between India and Nepal.

The other equity partners include Nepal Electricity Authority and India’s IL&FS. The board has approved an investment of US$8.4 million for a project to carry electricity from the Simhadri power generation plant in the southern Indian state of Andhra Pradesh. The project will be completed within the next 18 months.