Channel is being build with aid of latest technologies available today.
Is the above line correct? or should built be used instead of build? What is the grammatic logic to follow so I understand why particular one is used.
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"The channel is being built with the aid of the latest technologies available today."
"Is being built," "has been built," "will be built," etc. are all passive forms. "Build" is active: (a subject) may build (an object).
That, I think, depends on whether the sentence was heard or read.
If I heard it (without any further context) I would have heard it as
That is, perhaps they're talking about billing, and not building.
(by the way, the idioms are with the aid of, and of the latest; watch those articles, please)
On the other hand, if I read it (ditto) I would interpret it as a mistake, since Passive requires the past participle form of the main verb, and build is the infinitive, not the past participle.
So either this is a grammar mistake, if they're talking about building, or a spelling mistake, if they're talking about billing.