New Delhi: Power Grid Corporation of India Limited (PGCIL), a Maharatna Central Public Sector Enterprise under the Ministry of Power, has announced the acquisition of Vindhyachal Varanasi Transmission Limited (VVTL), the project Special Purpose Vehicle (SPV) established for the “Inter-regional (NR–WR) Transmission System strengthening to relieve the loading of 765 kV Vindhyachal–Varanasi D/c line.”
According to a regulatory filing, the acquisition was made on October 16, following Power Grid’s selection as the successful bidder under the Tariff-Based Competitive Bidding (TBCB) route. The project has been awarded on a build, own, operate and transfer (BOOT) basis by PFC Consulting Limited (PFCCL), the bid process coordinator.
The project involves the establishment of a new 765 kV substation at Prayagraj, Uttar Pradesh, along with 765 kV double circuit transmission lines traversing through Uttar Pradesh and Madhya Pradesh.
The acquisition, valued at approximately Rs 19.84 crore, includes 10,000 equity shares of Rs 10 each along with the assets and liabilities of VVTL as on the acquisition date. The acquisition price remains subject to adjustment based on the audited accounts of VVTL.
Post-acquisition, Power Grid holds 100 percent equity in VVTL. The entity was incorporated on April 16, 2025, and is yet to commence commercial operations.
VVTL will seek the necessary approvals for the grant of transmission licence and adoption of transmission charges from the Central Electricity Regulatory Commission (CERC) following the acquisition.
This strategic acquisition reinforces Power Grid’s leadership in India’s power transmission sector and its continued role in strengthening the national grid to support growing inter-regional power flows.
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