State-run Power Grid Corporation of India has acquired 100 percent equity in a special purpose vehicle (SPV) to build an inter-state transmission project for eastern and north-eastern regions.
The SPV was acquired for an aggregate value of about Rs 7.04 crore, including 50,000 equity shares at par at Rs 10 each along with assets and liabilities of the company. The acquisition price is subject to adjustment as per the audited accounts of the company.
The project consists of upgradation works at 400/132kV Banka (Bihar) and building 220kV D/C with implementation schedule of 24 months and establishment of 220kV D/C transmission lines passing through Assam and Arunachal Pradesh and bays extension works with implementation schedule of 36 months.
The company said, “Power Grid Corporation of India Ltd, pursuant to its selection as the successful bidder under Tariff based competitive bidding, has on October 10, 2022 acquired ER NER Transmission Ltd (ETL), the Project SPV to establish Inter-State Transmission System for System Strengthening Scheme for Eastern and North Eastern Regions, on build, own, operate and transfer (BOOT) basis from the Bid Process Coordinator - REC Power Development and Consultancy Ltd.”.
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