M&A

M&A

Power Grid acquires 2 SPVs to build transmission projects for Rs. 37-Cr

Economic Times  

State-owned Power Grid Corporation has acquired two special purpose vehicles (SPVs) - Neemrana II Bareilly Transmission and Bikaner III Neemrana Transmission - from PFC Consulting for implementation of electricity transmission projects. The Neemrana II Bareilly Transmission Ltd (NIIBTL) was acquired for about INR 18.47 crore including 10,000 equity shares at par at INR 10 each along with assets and liabilities of the company. NIIBTL was acquired after Power Grid emerged as the successful bidder under tariff-based competitive bidding. The Bikaner III Neemrana Transmission was acquired for about INR 18.82 crore including 10,000 equity shares at par at INR 10 each along with assets and liabilities of the company.