POWERGRID Acquires Barmer HVDC for ₹18.98 Crore

This is a regulatory disclosure submitted to the National Stock Exchange of India Limited and BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Nature of the Event

Power Grid Corporation of India Limited (POWERGRID) has acquired 100% of Barmer HVDC Power Transmission Limited on 23.09.2026. The acquisition was made pursuant to POWERGRID being selected as the successful bidder under the Tariff Based Competitive Bidding (TBCB) process. The Bid Process Coordinator for the project was REC Power Development and Consultancy Limited (RECPDCL).

Project Details

The acquired entity, Barmer HVDC Power Transmission Limited, is a Project Special Purpose Vehicle (SPV) established to build, own, operate, and transfer (BOOT) the Inter-State Transmission system for the project: "Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-5: 6 GW) [Barmer Complex] Barmer-II: 6 GW (Solar) (LCC Configuration)".

The project comprises:

• Establishment of 6000 MW, ±800 kV HVDC terminals at Barmer-II (Rajasthan) and South Kalamb S/s (Maharashtra).
• Augmentation of the South Kalamb substation.
• Construction of a ±800 kV HVDC bipole line between Barmer-II and South Kalamb, approximately 1000 km long, traversing the states of Rajasthan, Gujarat, and Maharashtra.
• Construction of 400 kV transmission lines within Rajasthan and associated bays.
• Installation of two Synchronous Condenser (SynCon) units at the Barmer-II Pooling Station along with associated bays.

Acquisition Details

• Date of Acquisition: 23.09.2026
• Percentage Acquired: 100% shareholding
• Consideration: Cash payment. The aggregate acquisition value was approximately ₹18.98 Crore. This includes 50,000 equity shares acquired at par value of ₹10 each, along with the assets and liabilities of Barmer HVDC Power Transmission Limited as on the acquisition date.
• Price Adjustment: The final acquisition price is subject to adjustment based on the audited accounts of Barmer HVDC Power Transmission Limited as of the acquisition date.
• Related Party Transaction: The acquisition is not a related party transaction. Prior to the acquisition, POWERGRID had no interest in the entity.

Target Entity Background

• Name: Barmer HVDC Power Transmission Limited
• Industry: Power Transmission
• Date of Incorporation: 30.09.2025
• Business: The SPV is engaged in the transmission of power, which is within POWERGRID's main line of business.
• Financials: The company is a new entity and has not commenced commercial operations. It recorded no turnover in the last three years.
• Geographic Presence: The company will operate in India.

Regulatory Approvals

• Barmer HVDC Power Transmission Limited was incorporated by the Bid Process Coordinator on 30.09.2025 as per the "Guidelines Encouraging Competition in Development of Transmission Projects" and "Tariff based Competitive-bidding Guidelines for Transmission Service" notified by the Ministry of Power (MoP).
• The Bid Process Coordinator obtained the requisite approvals for the transfer of the SPV to POWERGRID.
• Post-acquisition, Barmer HVDC Power Transmission Limited is required to obtain a Transmission License and approval for the Adoption of Transmission Charges from the Central Electricity Regulatory Commission (CERC).

Timelines

The acquisition was completed as per the timelines furnished by the Bid Process Coordinator.

Purpose and Impact

The acquisition was executed because POWERGRID emerged as the successful bidder under the TBCB process. The business of the acquired entity is aligned with POWERGRID's core business of power transmission.