Power Grid Corporation of India Limited (POWERGRID) has informed the National Stock Exchange of India Limited and BSE Limited of a material event pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Nature of the Event
POWERGRID has acquired Kakinada I Transmission Limited (KITL) on June 29, 2026. This acquisition was made after the company was selected as the successful bidder under the Tariff Based Competitive Bidding (TBCB) process. The Bid Process Coordinator for the transaction was PFC Consulting Limited (PFCCL).
Details of the Acquired Entity
The acquired entity, Kakinada I Transmission Limited (KITL), is a Project Special Purpose Vehicle (SPV) established to build the "Transmission system for proposed Green Hydrogen / Green Ammonia projects in Kakinada area (Phase-I)" on a build, own, operate and transfer (BOOT) basis.
Project Scope: The project involves establishing a new 765/400kV GIS Sub-station along with STATCOM and 765kV transmission line works in the state of Andhra Pradesh.
Industry: KITL operates in the Power Transmission industry.
Incorporation and History: KITL was incorporated on February 20, 2025, by the Bid Process Coordinator, PFC Consulting Limited. The company is yet to start commercial operations and therefore has recorded no turnover during the last three years. It will operate exclusively in India.
Transaction Details
Consideration: The acquisition was made for a cash consideration of approximately ₹20.50 Crore. This amount includes the acquisition of 10,000 equity shares at par value of ₹10 each, along with all assets and liabilities of KITL as of the acquisition date (June 29, 2026). The final acquisition price is subject to adjustment based on the audited accounts of KITL as of the acquisition date.
Shareholding Acquired: POWERGRID has acquired 100% of the shareholding and control of KITL.
Related Party Transaction: The acquisition does not constitute a related party transaction. Prior to the acquisition, POWERGRID had no interest in KITL, and no promoter/promoter group/group companies have any interest in the entity. The transaction was conducted at arm's length.
Purpose and Impact of Acquisition
The acquisition was made pursuant to POWERGRID emerging as the successful bidder under the Tariff Based Competitive Bidding process. The business of KITL (power transmission) is aligned with the main line of business of POWERGRID. The project supports the development of green hydrogen and green ammonia projects in the Kakinada area.
Regulatory Approvals and Process
The acquisition and the creation of KITL were conducted 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).
Future Approvals Required: After the acquisition by POWERGRID, KITL must obtain approvals for the Grant of Transmission License and Adoption of Transmission Charges from the Central Electricity Regulatory Commission (CERC).
The acquisition was completed within the timelines furnished by the Bid Process Coordinator for the transfer of KITL.
Disclosure Compliance
This disclosure is made in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015, and the SEBI Master Circular dated January 30, 2026.
Date of Signing: June 29, 2026