Power Grid Corporation of India, India’s largest electric power transmission company and a Maharatna Central Public Sector Enterprise (CPSU) has made a significant announcement regarding an acquisition made by the company.
As per details in the report, Power Grid Corporation of India Limited, following its selection as the winning bidder through Tariff-based competitive bidding, completed the acquisition of “Bhadla III Transmission Limited” (the Special Purpose Vehicle for the project) on September 27, 2023.
As per the company, this acquisition is part of the initiative to establish a “Transmission system for power evacuation from the Renewable Energy Zone (REZ) in Rajasthan (20GW) as part of Phase-III Part B1.” The project will be developed, owned, operated, and eventually transferred (BOOT) under the oversight of the Bid Process Coordinator, PFC Consulting Limited.
The project involves the creation of a new 765/400/220 kV Pooling Station at Bhadla-3, along with a 765 kV double-circuit Transmission Line that will span across the state of Rajasthan. This includes the necessary bay extension activities. This transmission system is categorized as an Inter-State Transmission System Project and is slated for completion within 18 months from the contract’s effective date.
The acquisition of the entity was executed at an overall value of approximately Rs 20.11 crore, which encompasses the acquisition of 10,000 equity shares at a par value of Rs 10 each along with assets and liabilities of the company as of the acquisition date of September 27, 2023. However, the acquisition price is subject to adjustment as per the audited accounts of the Company as of the acquisition date.
The stock opened almost flat from the previous day’s closing price at Rs 200.20 per share on the BSE.
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