Power Grid acquires NTL under TBCB route

25 Aug 2022 , 01:29 PM

The company acquired NTL, the project SPV to establish transmission system for evacuation of power from Neemuch SEZ, on build, own, operate and transfer (BOOT) basis from the bid process coordinator, REC Power Development and Consultancy. The transmission system comprises establishment of two 400 kilovolt DIC transmission lines passing through the states of Rajasthan and Madhya Pradesh, a new 400 or 220 kilovolt pooling substation at Neemuch (Madhya Pradesh) and 400 kilovolt bay extension works. The transmission system is an inter state transmission system project and is expected to be completed in 18 months. The company said that the entity was acquired as per the time lines furnished by bid process coordinator for an aggregate value of Rs 17.23 crore. NTL was incorporated by bid process coordinator and is yet to start commercial operation, as such no turnover has been recorded since its incorporation. The entity will be operating in India and is engaged in the business of transmission of power, same as that of the company. Power Grid added that the approval for grant of transmission license and adoption of transmission charges are to be obtained from Central Electricity Regulatory Commission by NTL after the acquisition by the company. Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. As of 30 June 2022, the Government of India owned a 51.34% stake in the company. On consolidated basis, Power Grid Corporation of Indias net profit tumbled 36.6% to Rs 3,801.19 crore in Q1 FY23 as against Rs 5,998.28 crore recorded in Q1 FY22. Shares of Power Grid Corporation of India shed 0.22% to Rs 228.80 on the BSE. Powered by Capital Market – Live News