Power Grid Corporation acquires ER NER Transmission for Rs7.04 crore

11 Oct 2022 , 02:57 PM

Power Grid Corporation of India Limited informed that it has acquired ER NER Transmission Limited (ETL). This is in pursuance of its selection as the successful bidder under Tariff based competitive bidding.

ER NER is a Project SPV to establish Inter-State Transmission System for System Strengthening Scheme for Eastern and North Eastern Regions, on a build, own, operate, and transfer (BOOT) basis from the Bid Process Coordinator – REC Power Development and Consultancy Limited.

The Inter-State Transmission System consists of 400/132kV Banka (Bihar) upgrade projects with a 24-month implementation plan, 220kV D/C transmission line construction projects via Assam and Arunachal Pradesh, and bays extension projects with a 36-month implementation timetable, said the company on Tuesday.

A total of around Rs7.04 crore was paid for the acquisition, which included 50,000 equity shares at par value of Rs10 apiece as well as the company’s assets and liabilities as of the purchase date i.e., October 10, 2022. The purchase price is, however, subject to change in accordance with the Company’s audited accounts as of the acquisition Date.

ETL is engaged in the power transmission business in line with Power Grid Corporation’s business.

At around 3.00 PM, Power Grid Corporation of India was trading at Rs208.85 down by 0.05% from its previous closing of Rs208.95 on the BSE. The scrip touched intraday high and low of Rs211.45 and Rs206.55 respectively.

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