Power Grid acquires 2 SPVs from PFC Consulting to build transmission projects

New Delhi: Maharatna power PSU Power Grid Corporation of India Limited (PGCIL) on Wednesday said it has acquired two special purpose vehicles (SPVs) from PFC Consulting for implementation of electricity transmission projects.

The two special purpose vehicles are Neemrana II Bareilly Transmission and Bikaner III Neemrana Transmission.

The Neemrana II Bareilly Transmission Ltd (NIIBTL) was acquired for an aggregate value of about Rs 18.47 crore including 10,000 equity shares at par at Rs 10 each along with assets and liabilities of the company as on December 27, 2023, according to a regulatory filing.

Public Sector's voice PSU Watch is now on Whatsapp Channels. Click here to join

As per the filing, NIIBTL has been acquired after Power Grid emerged as the successful bidder under Tariff-Based Competitive Bidding.

It will establish transmission system for 'Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1) (Bikaner Complex): PART-D", on build, own, operate and transfer (BOOT) basis.

It was incorporated on June 8, 2023 by Bid Process Coordinator (PFC Consulting) and is yet to start commercial operation, as such no turnover has been recorded during last 3 years. It will be operating in India.

Another filing showed that the Bikaner III Neemrana Transmission was acquired for an aggregate value of about Rs 18.82 crore including 10,000 equity shares at par at Rs 10 each along with assets and liabilities of the company as on the acquisition date of December 27, 2023.

It will establish transmission system for 'Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1) (Bikaner Complex): PART-A', on build, own, operate and transfer (BOOT) basis.

It was also incorporated on June 8, 2023 by Bid Process Coordinator. It is yet to start commercial operation, as such no turnover has been recorded during last 3 years. It will be operating in India.

Both the SPVs shall be engaged in the business of transmission of power.

Power Grid will have 100 percent shareholding in both the firms.

(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.)