Government of India agreed to acquire Power System Operation Corporation Ltd. (Posoco ) from PowerGrid Corporation of India for INR 350 million in the week ending May 9, 2014. For the year ended March 31, 2014, Power System Operation reported revenues of INR 2.5 billion, EBIT of INR 977.3 million, profit after tax of INR 608.1 million, total assets of INR 7.21 billion and total common equity of INR 2.18 billion. An inter-ministerial group approved buying out PowerGrid’s equity in Posoco. The transaction is subject to Cabinet approval and approval from board of directors of PowerGrid Corporation of India. As on March 9, 2016 the board approved the transaction. Government of India completed acquisition of Power System Operation Corporation Ltd. (Posoco ) from PowerGrid Corporation of India on January 2, 2017.