India, May 12 -- Power Grid Corporation of India has acquired Khetri-Narela Transmission (KNTL), the Project SPV to establish Transmission System for Transmission System Strengthening Scheme for Evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II Part-G, on build, own, operate and maintain (BOOM) basis from the Bid Process Coordinator - PFC Consulting.
The Transmission system comprises establishment of a new 765/400kV Substation at Narela, substation extension works at Khetri and two 765kV D/C Transmission lines traversing in the states of Rajasthan, Haryana and Delhi. The transmission system is an Inter State Transmission System Project and is to be completed in 18 months.
The entity was acquired for an aggregate value of about Rs 22.50 crore including 10,000 equity shares at par at Rs 10 each along with assets and liabilities of the company as on the acquisition Date. However, the acquisition price is subject to adjustment as per the audited accounts of the company as on the acquisition date.
KNTL has been acquired by Power Grid pursuant to emerging as the successful bidder under Tariff Based Competitive Bidding. KNTL is engaged in the business as that of Power Grid i.e. transmission of power.
Power Grid Corporation of India is an Indian state-owned electric utilities company headquartered in Gurgaon, India. Published by HT Digital Content Services with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at email@example.com