New Delhi: State-owned Power Grid Corporation of India Limited (PGCIL) on Tuesday said it has acquired Mohanlalganj Transmission Limited in Uttar Pradesh for over Rs 9 crore.

Incorporate in June 2021, Mohanlalganj Transmission Limited (MTL) is the project SPV (special purpose vehicle) to establish an intra-state transmission system, PGCIL said in a BSE filing.

"…it is informed that PGCIL pursuant to its selection as the successful bidder under tariff-based competitive bidding, has on May 30, 2022, acquired MTL," it added.

The entity was acquired for an aggregate value of about Rs 9.11 crore, including 10,000 equity shares along with assets and liabilities of the company as of the acquisition date.

Mohanlalganj Transmission Limited is engaged in the business of power transmission.

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