Power Grid of India (NSE:POWERGRID, BOM:532898) has acquired Bellary Davanagere Power Transmission (BDPTL) on Feb. 12, after emerging as the successful bidder under tariff-based competitive bidding, according to a same-day Indian bourse filing.

Shares of Power Grid fell nearly 2% in Friday's afternoon trading.

The acquisition, valued at about 130.2 million Indian rupees, includes 50,000 equity shares at 10 rupees each along with assets and liabilities, the filing said.

The special purpose vehicle was acquired from REC Power Development & Consultancy to implement a transmission strengthening project in Karnataka for integrating 0.25 GW at Davanagere and 2.75 GW at Bellary, on a build, own, operate and transfer basis, the filing said.

The project includes a 400 kV D/c transmission line and related augmentation works at both pooling stations.

BDPTL will operate in the power transmission business.