Power Grid Corporation of India Limited (POWERGRID) has acquired Bhadla Ramgarh Power Transmission Limited (BRPTL), the Special Purpose Vehicle (SPV) formed for implementing the Inter-State Transmission System (ISTS) project titled “Augmentation at Bhadla-III, Ramgarh PS and Kanpur (PG)”. The acquisition was completed on July 29, 2026, after POWERGRID emerged as the successful bidder under the Tariff-Based Competitive Bidding (TBCB) route.
The SPV was transferred by REC Power Development and Consultancy Limited (RECPDCL), which acted as the Bid Process Coordinator for the project. The transmission scheme will be executed on a Build, Own, Operate and Transfer (BOOT) basis and is aimed at strengthening India’s interstate transmission network to support growing electricity demand and facilitate reliable power evacuation.
The project includes augmentation and bay extension works at the Bhadla-III Substation and Ramgarh Substation in Rajasthan, as well as the Kanpur Substation in Uttar Pradesh. These upgrades are expected to improve grid reliability, enhance transmission capacity, and support the seamless flow of electricity across regions.
According to POWERGRID’s regulatory filing, the acquisition of BRPTL is not a related-party transaction, and the company had no prior ownership or financial interest in the SPV before the acquisition. Following the transaction, BRPTL will function as a wholly owned subsidiary of POWERGRID for the implementation of the transmission project.
BRPTL was incorporated on May 8, 2026, by RECPDCL in accordance with the Ministry of Power’s Guidelines Encouraging Competition in Development of Transmission Projects and the Tariff-Based Competitive Bidding Guidelines for Transmission Service. After POWERGRID was declared the successful bidder, the required approvals were obtained to facilitate the transfer of the SPV.
The company will now approach the Central Electricity Regulatory Commission (CERC) for the grant of a transmission licence and the adoption of transmission charges, both of which are necessary before the project enters the execution phase.
POWERGRID acquired 100% equity in BRPTL for an aggregate consideration of approximately ₹12.86 crore. The acquisition comprises 50,000 equity shares with a face value of ₹10 each, along with all assets and liabilities of the SPV as on the acquisition date. The final acquisition value remains subject to adjustment based on the audited financial statements of BRPTL as of July 29, 2026.
Since the SPV was incorporated only in May 2026 and has not yet commenced commercial operations, it has reported no revenue or turnover during the past three financial years. Its sole objective is to develop, implement, and operate the interstate transmission project awarded under the TBCB framework.
The project forms part of India’s ongoing efforts to strengthen its transmission infrastructure to accommodate rising electricity demand and the rapid addition of renewable energy capacity. Transmission augmentation at strategic substations such as Bhadla, one of India’s largest renewable energy hubs, is expected to improve power evacuation capabilities and grid flexibility. Once completed, the project will enhance the reliability of the interstate transmission system and support the efficient integration of renewable energy into the national grid, reinforcing POWERGRID’s role in expanding India’s transmission network.
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