New Delhi: State-run Power Grid on Wednesday acquired 100 per cent equity of Khetri-Narela Transmission Ltd (KNTL) for an aggregate value of about Rs 22.50 crore.
KNTL is a special purpose vehicle (SPV) for "Transmission System Strengthening Scheme for Evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW)…on build, own, operate and maintain (BOOM) basis…," a BSE filing said.
"Power Grid Corporation of India Ltd, pursuant to its selection as the successful bidder under tariff-based-competitive bidding, has on May 11, 2022, acquired Khetri-Narela Transmission Ltd (KNTL)…from the Bid Process Coordinator – PFC Consulting Ltd," it added.
According to the filing, the entity was acquired for an aggregate value of about Rs 22.50 crore, including 10,000 equity shares at par at Rs 10 each along with assets and liabilities of the company as on the acquisition date (May 11).
However, it added that the acquisition price is subject to adjustment as per the audited accounts of the company as on the acquisition date.
KNTL was incorporated on May 15, 2020, by the bid process coordinator as per the 'Guidelines Encouraging Competition in Development of Transmission Projects' and 'Tariff based Competitive-bidding Guidelines for Transmission Service' notified by the Ministry of Power (MoP).
Requisite approvals were obtained by the bid process coordinator for transfer of KNTL.
Approval for grant of transmission licence and adoption of transmission charges are to be obtained from the Central Electricity Regulatory Commission (CERC) by KNTL after the acquisition by PGCIL, it added.
KNTL is yet to start commercial operations.
The transmission system comprises the establishment of a new 765/400kV substation at Narela, substation extension works at Khetri and two 765kV D/C transmission lines traversing the states of Rajasthan, Haryana and Delhi.
The inter-state transmission project is to be completed in 18 months.
(With agency inputs)
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)