New Delhi: Power Grid Corporation of India Limited (PGCIL) has acquired NES Pune East New Transmission Limited (NPENTL), a special purpose vehicle (SPV) formed for a transmission project in Maharashtra, under the tariff-based competitive bidding (TBCB) route.

Follow The PSUWatch Channel on WhatsApp

The company completed the acquisition on March 12, after emerging as the successful bidder for the project. The SPV was transferred from PFC Consulting Limited, which acted as the bid process coordinator for the project.

The project involves the implementation of a Network Expansion Scheme in Maharashtra aimed at removing transmission constraints in the Pune Region-I, including the development of a 765/400 kV AIS substation at Pune East.

As part of the project scope, the SPV will undertake the establishment of an AIS substation in Ahilyanagar district, development of 765 kV and 400 kV transmission lines across Maharashtra, and bay extension works at existing substations in the state.

Power Grid said the project will be implemented on a Build, Own, Operate and Transfer (BOOT) basis.

Follow PSU Watch on LinkedIN

The company acquired 100 percent shareholding in the SPV for an aggregate consideration of about Rs 8.05 crore, which includes the purchase of 10,000 equity shares at a face value of Rs 10 each, along with the assets and liabilities of the company as on the acquisition date. The final acquisition price will be subject to adjustment based on audited accounts.

(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.)