Nature of the Event
Regulatory disclosure pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding the acquisition of a project-specific special purpose vehicle.
Key Transaction Details
Power Grid Corporation of India Limited (POWERGRID) acquired 100% of Lakadia C Power Transmission Limited on 12.10.2026. 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 PFC Consulting Limited (PFCCL).
Project Description
The acquired entity, Lakadia C Power Transmission Limited, is a Project SPV established to build, own, operate, and transfer (BOOT) the "Common Transmission System for evacuation of power from Lakadia (Phase-ll: 7.5GW), Jam Khambhaliya (Phase-II: 5.5GW) and Jamnagar (Phase-I: 1GW) - Part-C" Inter-State Transmission system. The project comprises:
- Establishment of a new 765/400/220 kV Alephata Sub-station in the state of Maharashtra.
- Construction of 765 kV and 400 kV transmission lines traversing through Maharashtra, along with associated equipment and bays.
Financial Consideration
The acquisition was completed for an aggregate cash consideration of approximately ₹19.94 Crore. This amount includes:
- 10,000 equity shares acquired at par value of ₹10/- each.
- The assets and liabilities of Lakadia C Power Transmission Limited as on the acquisition date (12.10.2026).
The final acquisition price is subject to adjustment based on the audited accounts of Lakadia C Power Transmission Limited as of the acquisition date.
Ownership and Control
POWERGRID acquired 100% shareholding and control of Lakadia C Power Transmission Limited.
Regulatory Approvals and Background
Lakadia C Power Transmission Limited was incorporated by the Bid Process Coordinator (PFCCL) on 29.04.2026, in accordance with 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). All requisite approvals for the transfer of the company were obtained by the Bid Process Coordinator prior to the acquisition.
Post-acquisition, Lakadia C Power Transmission Limited must obtain the following approvals:
- Grant of Transmission License from the Central Electricity Regulatory Commission (CERC).
- Adoption of Transmission Charges from the CERC.
Target Entity Information
- Name: Lakadia C Power Transmission Limited
- Industry: Power Transmission
- Date of Incorporation: 29.04.2026
- Business Activity: Transmission of power (aligns with POWERGRID's main line of business).
- Financial History: The company is yet to start commercial operations. It has recorded no turnover in the last three years.
- Geographic Presence: Will operate in India.
- Size: Not disclosed beyond the acquisition cost and share capital.
Related Party Transaction
This acquisition does not constitute a related party transaction. Prior to the acquisition, POWERGRID had no interest in Lakadia C Power Transmission Limited, and the transaction was conducted at arm's length.
Transaction Timeline
The acquisition was completed on 12.10.2026, 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 object is to develop, own, and operate the specified interstate transmission system project, which is within POWERGRID's core business of power transmission.