M&A

M&A

Power Grid Corp acquires 2 new transmission SPVs for Rs.32-Cr

BSE Disclosure  

New Delhi-based, publicly listed Power Grid Corporation of India Ltd ( PGCIL) has acquired two special purpose vehicles (SPVs) - Fatehgarh Bhadla Transco Ltd (FBTL) and Sikar New Transmission Ltd (SNTL). PGCIL had won the two deals in a tariff-based competitive bidding round conducted by REC Power Distribution Company Ltd. PGCIL has acquired 100% of SNTL for about INR 18.54 crore including 50,000 equity shares at par at INR 10 each along with assets and liabilities of the company. SNTL will establish a transmission system to strengthen evacuation of power from solar energy zones in Rajasthan (8.1 GW) on a build, own, operate and maintain (BOOM) basis. This includes a new 765/400 kV Substation at Sikar-II, 765kV D/C transmission line, 400 kV D/C transmission line and associated substation extension works in Rajasthan. PGCIL has also acquired 100% of FBTL for about INR 13.04 crore, including 50,000 equity shares at par at INR 10 each along with assets and liabilities of the company. FBTL is also engaged in power evacuation in the Rajasthan project.