Power Grid purchases two SPVs with specific functions from PFC Consulting

28 Dec 2023 , 11:08 AM

In order to carry out energy transmission projects, the state-owned Power Grid Corporation announced on Wednesday that it had purchased two special purpose vehicles (SPVs) from PFC Consulting. Neemrana II Bareilly Transmission and Bikaner III Neemrana Transmission are the two special purpose vehicles.

According to a regulatory filing, the Neemrana II Bareilly Transmission Ltd (NIIBTL) was acquired for an approximate total value of Rs 18.47 crore, which included 10,000 equity shares at par value of Rs 10 each, as well as the company’s assets and liabilities as of December 27, 2023.

According to the petition, Power Grid was the winning bidder in the Tariff-Based Competitive Bidding process, and as a result, NIIBTL was bought.

On a build, own, operate, and transfer (BOOT) basis, it will set up a transmission system for the ‘Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1) (Bikaner Complex): PART-D.’

Since it hasn’t begun commercial operations—it was incorporated on June 8, 2023 by Bid Process Coordinator (PFC Consulting)—no turnover has been reported over the previous three years. It is going to operate in India.

According to an additional filing, the Bikaner III Neemrana Transmission was purchased for approximately Rs 18.82 crore in total, which included 10,000 equity shares at a par value of Rs 10 each, as well as the company’s assets and liabilities as of December 27, 2023.

It will create a transmission system on a construct, own, operate, and transfer (BOOT) basis for the ‘Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1) (Bikaner Complex): PART-A.’

Additionally, on June 8, 2023, the Bid Process Coordinator included it. Since it hasn’t begun conducting business, there hasn’t been any turnover in the previous three years. It is going to operate in India.

Power transmission is the business that both SPVs will be involved in.

Power Grid will own all of the shares in both companies.

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