Power Grid Corporation of India Ltd acquires project SPV

Power Grid Corporation of India Limited, pursuant to its selection as the successful bidder under Tariff based competitive bidding, has on 10.10.2022 acquired ER NER Transmission Limited (ETL), the Project SPV to establish Inter-State Transmission System for System Strengthening Scheme for Eastern and North Eastern Regions, on build, own, operate and transfer (BOOT) basis from the Bid Process Coordinator - REC Power Development and Consultancy Limited.

The Inter State Transmission System comprises of Upgradation works at 400/132kV Banka (Bihar) with implementation schedule of 24 months and establishment of 220kV D/C Transmission lines passing through the states of Assam & Arunachal Pradesh and bays extension works with implementation schedule of 36 months.

The entity was acquired for aggregate value of about Rs. 7.04 Cr. including 50,000 equity shares at par at Rs. 10 each along with assets and liabilities of the Company as on the acquisition Date (10.10.2022). However, the acquisition price is subject to adjustment as per the audited accounts of the Company as on the acquisition Date.

Source : Equity Bulls

Keywords

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