Power Grid acquires Bikaner-11 Bhiwadi Transco for Rs20.50cr; Company also acquires 74% stake in Jaypee Powergrid

Power Grid acquired Bikaner-11 Bhiwadi Transco to establish Transmission System Strengthening Scheme for Evacuation of Power from Solar Energy Zones in Rajasthan.

Mar 26, 2021 02:03 IST India Infoline News Service

Power Grid Corporation Of India
State-owned Power Grid Corporation has acquired Bikaner-11 Bhiwadi Transco Limited (BBTL), the Project SPV to establish Transmission System Strengthening Scheme for Evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II Part-F, on build, own, operate and maintain (BOOM) basis from the Bid Process Coordinator - PFC Consulting Limited.

Power Grid in its regulatory filing said that the Transmission system comprises the establishment of a new 400kV Switching Substation, STATCOM, and substation extension work in Rajasthan and also comprises 400kV DIC Transmission lines which traverse in Rajasthan and Haryana.

Notably, the transmission system is an Inter-State Transmission System Project and is to be completed in 18 months.

On Thursday, Power Grid acquired the entity for an aggregate value of about Rs.20.50cr including 10,000 equity shares at par.

In another development, Power Grid has also acquired a 74% stake of Jaiprakash Power Ventures in Jaypee Powergrid Limited (a Joint Venture Company of POWERGRID and Jaiprakash Power Ventures Limited).

Jaypee Powergrid Limited has now become a subsidiary of POWERGRID.

At around 2.19 pm, Power Grid was trading at Rs213.60 per piece down by 1.43% on Sensex.

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