Latest News | Power Grid Corp Acquires Rajasthan IV E Power Transmission

New Delhi, Aug 19 (PTI) State-owned Power Grid Corporation of India on Monday said it has acquired a project special purpose vehicle (SPV) Rajasthan IV E Power Transmission Ltd.

The project comprises the establishment of a new 765 kV sub-station at Rishabhdeo in Rajasthan, 765 kV D/C transmission lines and associated bays extension works at other existing substations in Rajasthan and Madhya Pradesh, a BSE filing said.

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Power Grid Corporation of India, pursuant to its selection as the successful bidder under tariff-based competitive bidding, on August 19, 2024, acquired Rajasthan IV E Power Transmission Ltd, the Project SPV to establish 'transmission system for evacuation of power from Rajasthan REZ Phase IV (Part 2: 5.5 GW) (Jaisalmer/ Barmer Complex): Part E' on build, own, operate and transfer (BOOT) basis from the Bid Process Coordinator – REC Power Development and Consultancy Ltd, it stated.

The entity was acquired for an aggregate value of about Rs 18.54 crore, including 50,000 equity shares at Rs 10 each along with assets and liabilities of the company as of the acquisition date -- August 19, 2024.

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However, the acquisition price is subject to adjustment as per the audited accounts of the company as of the acquisition date.

The entity will be engaged in the business of transmission of power.

It was incorporated in 2023 by the Bid Process Coordinator. The entity has yet to start commercial operation, as such no turnover has been recorded during the last 3 years.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)