Power Grid Acquires SPV for WR-ER Transmission Expansion Project

MT Newswires Live

07/01

Power Grid Corp. of India (NSE:POWERGRID, BOM:532898) has acquired WR ER Part A Power Transmission Ltd., the special purpose vehicle for the WR-ER Inter-Regional Network Expansion Scheme Part-A, after emerging as the successful bidder under tariff-based competitive bidding.

The company acquired the SPV from REC Power Development and Consultancy Ltd. for about 186.2 million rupees, subject to post-closing adjustments, according to a stock exchange filing on Tuesday.

The project, to be executed on a build, own, operate and transfer basis, includes two new 765/400 kV substations in Jharkhand and Chhattisgarh, expansion of existing substations in Chhattisgarh and West Bengal, and construction of 765 kV and 400 kV transmission lines across Jharkhand, Chhattisgarh and Odisha.

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