Power Grid acquires Ramgarh New Transmission Ltd

New Delhi: Maharatna Power PSU, Power Grid on Monday said it has acquired Ramgarh New Transmission Limited (RNTL), a wholly-owned subsidiary of REC Transmission Projects Company Limited. Earlier, Power Grid had emerged as the lowest under tariff-based competitive bidding (TBCB) and RNTL has been transferred to Power Grid on March 3. RNTL is the project company to establish a transmission system strengthening scheme for the evacuation of power from solar energy zones, in Rajasthan (8.1 GW) under phase II – Part A.

"Pursuant to its selection as the successful bidder under tariff-based competitive bidding, has on 09.03.2021 acquired Ramgarh New Transmission Limited (RNTL), the Project SPV to establish Transmission system strengthening scheme for the evacuation of power from solar energy zones in Rajasthan," Power Grid said in a regulatory filing to the bourses.

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The project comprises the establishment of 400/220 kV new sub-station, 400 kV D/C transmission lines and associated sub-station extension works under build, own, operate and maintain (BOOM) basis for 35 years. The transmission system is an inter-state transmission system project situated in the state of Rajasthan and is scheduled to be completed in 18 months.

During the FY 2020-21, bidding for five inter-state transmission projects have been undertaken till the date and Power Grid has been declared as the successful bidder in all five projects.

Acquisition of RNTL is the first in the series of five projects and acquisition of the remaining four project companies is underway.

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