Power Grid Corporation of India Limited (POWERGRID) has informed the National Stock Exchange of India Limited and BSE Limited of an acquisition made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Nature of the Event
POWERGRID acquired Jam Khambhaliya REZ Transmission Limited on 12.10.2026. The acquisition was made after POWERGRID was selected as the successful bidder under a Tariff Based Competitive Bidding (TBCB) process. The Bid Process Coordinator for the process was PFC Consulting Limited (PFCCL).
Details of the Acquired Entity and Project
Jam Khambhaliya REZ Transmission Limited is a Project Special Purpose Vehicle (SPV). Its purpose is to establish an Inter-State Transmission System for the project: "Transmission system for Integration of Power from RE Projects in Jam Khambhaliya REZ in Gujarat - Phase II (5500MW) and Jamnagar Phase-I (1000 MW)". The project will be executed on a build, own, operate, and transfer (BOOT) basis.
The project involves:
- Establishment of a new GIS substation at Kalyanpur, Gujarat.
- ICT augmentation and bay extension works at under-construction substations in Gujarat.
- Construction of 765 kV transmission lines across the state of Gujarat.
Key Transaction Details
- Acquisition Date: 12.10.2026
- Percentage Acquired: 100% shareholding
- Consideration Type: Cash
- Acquisition Cost: The aggregate value of the acquisition is approximately ₹19.22 Crore. This includes 10,000 equity shares acquired at par value of ₹10 each, along with all assets and liabilities of Jam Khambhaliya REZ Transmission Limited as of the acquisition date. The final acquisition price is subject to adjustment based on the audited accounts of the company as of 12.10.2026.
- Related Party Transaction: The acquisition is not a related party transaction. Prior to the acquisition, POWERGRID had no interest in the entity.
Industry and Rationale
The acquired entity, Jam Khambhaliya REZ Transmission Limited, operates in the Power Transmission industry. Its business is aligned with POWERGRID's main line of business, which is the transmission of power. The acquisition was made because POWERGRID emerged as the successful bidder in the TBCB process.
Regulatory Approvals
Jam Khambhaliya REZ Transmission Limited was incorporated on 29.04.2026 by the Bid Process Coordinator, following guidelines notified by the Ministry of Power (MoP), including "Guidelines Encouraging Competition in Development of Transmission Projects" and "Tariff based Competitive bidding Guidelines for Transmission Service".
The Bid Process Coordinator obtained the requisite approvals for the transfer of the company to POWERGRID. Post-acquisition, Jam Khambhaliya REZ Transmission Limited is required to obtain a Transmission License and adoption of Transmission Charges from the Central Electricity Regulatory Commission (CERC).
Background on Acquired Entity
- Date of Incorporation: 29.04.2026
- Business: Transmission of power.
- Financial History: The company is yet to start commercial operations. Consequently, it has recorded no turnover in the last 3 years.
- Geographic Presence: The company will operate in India.
The disclosure was signed by Anjana Luthra, Company Secretary & Compliance Officer, on 12.10.2026.