Power Grid Corp. of India Acquires Transmission Project SPV

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Power Grid Corp. of India (NSE:POWERGRID, BOM:532898) has acquired NES Pune East New Transmission, a special purpose vehicle set up for a transmission project in Maharashtra, India, according to an Indian bourse filing on Thursday.

Shares of the company fell nearly 1% in Friday's trade.

The company acquired the SPV from PFC Consulting on March 12 after being selected as the successful bidder under tariff-based competitive bidding.

The acquisition was completed for about 81 million Indian rupees, including 10,000 equity shares and associated assets and liabilities, the filing said.

The project involves developing a 765/400 kV air-insulated (AIS) substation in Ahilyanagar district, along with transmission lines and related infrastructure in Maharashtra, India, under the build, own, operate and transfer model.

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