Power Grid Acquires Bhadla-III Power Transmission for INR 6.42 Crore
Bhadla-III Power Transmission has been acquired by Power Grid pursuant to the company emerging as the successful bidder under Tariff Based Competitive Bidding.
August 30, 2024. By EI News Network
The project SPV was established as an additional transmission system for the evacuation of power from Bhadla-III power station as part of the Rajasthan REZ Phase-III Scheme (20 GW).
The project comprises augmentation of transformation capacity and associated bays extension works at the existing Bhadla-III substation, Rajasthan.
“The entity was acquired for an aggregate value of about INR 6.42 Crore including 50,000 equity shares at par at INR 10 each along with assets and liabilities of the company as on the acquisition date i.e. August 28, 2024. However, the acquisition price is subject to adjustment as per the audited accounts of the company as on the acquisition date,” shared Power Grid in a regulatory filing.
BIIIPTL was incorporated on April 19, 2024, by the bid process coordinator as per the ‘Guidelines Encouraging Competition in Development of Transmission Projects’ and ‘Tariff based Competitive-bidding Guidelines for Transmission Service’ notified by the Ministry of Power.
According to the regulatory filing, approvals for the grant of transmission license and adoption of transmission charges are to be obtained from the Central Electricity Regulatory Commission (CERC) by BIIIPTL after the acquisition by Power Grid.
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