New Delhi: Power Grid Corporation of India Limited (PGCIL) has acquired SR and ER Power Transmission Limited (SRERPTL), a special purpose vehicle set up for strengthening inter-regional power connectivity between the Southern Region (SR) and Eastern Region (ER) grids, the company informed stock exchanges on Tuesday.
The acquisition follows Power Grid’s selection as the successful bidder under the Tariff-Based Competitive Bidding (TBCB) route. The transaction was completed on February 3, with Power Grid acquiring the project SPV from PFC Consulting Limited (PFCCL) on a build, own, operate and transfer (BOOT) basis. This information has been shared by the transmission giant in a regulatory filing to the stock exchanges on Tuesday.
The project, titled “Inter-Regional Strengthening between SR Grid and ER Grid”, comprises 765 kV double-circuit transmission lines passing through Odisha and Andhra Pradesh, along with associated line bays and reactor works at both ends. The transmission scheme is aimed at enhancing reliability and transfer capability between the two regional grids.
Power Grid acquired 100 percent equity in SRERPTL for an aggregate consideration of about Rs 19.63 crore, which includes 10,000 equity shares of Rs 10 each, along with the assets and liabilities of the company as on the acquisition date. The final acquisition price is subject to adjustment based on audited accounts .
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