Power Grid Corporation of India Limited (POWERGRID) has acquired Tumkur II RE Transmission Limited (TRETL), a special purpose vehicle (SPV) established for the development of the “Transmission System Strengthening at Tumkur-II for Integration of Additional Renewable Energy Potential (2.7 GW)” project in Karnataka. The acquisition was completed on May 29, 2026, after POWERGRID emerged as the successful bidder under the Tariff-Based Competitive Bidding (TBCB) process.
The project will be implemented on a Build, Own, Operate and Transfer (BOOT) basis and was acquired from PFC Consulting Limited (PFCCL), the designated Bid Process Coordinator. The transmission scheme includes the construction of a 400 kV double-circuit transmission line in Karnataka, along with augmentation works comprising Inter-Connecting Transformers (ICTs) and line bays at the Tumkur-II Pooling Station.
POWERGRID stated that TRETL was acquired following its selection as the successful bidder through the competitive bidding route. The acquired entity operates in the power transmission sector, aligning with POWERGRID’s core business of electricity transmission. The company also clarified that the transaction does not constitute a related-party transaction and that POWERGRID had no prior interest in the SPV before the acquisition.
TRETL was incorporated on September 24, 2025, by the Bid Process Coordinator in accordance with the Ministry of Power’s guidelines for encouraging competition in transmission project development and tariff-based competitive bidding for transmission services. Necessary approvals for the transfer of the SPV were obtained by the Bid Process Coordinator. Following the acquisition, TRETL will seek approvals from the Central Electricity Regulatory Commission (CERC) for the grant of a transmission licence and the adoption of transmission charges.
The acquisition was completed through a cash transaction. POWERGRID acquired 100% shareholding in TRETL for an aggregate consideration of approximately ₹15.46 crore, including 10,000 equity shares issued at a face value of ₹10 each, along with the assets and liabilities of the company as on the acquisition date. The final acquisition value remains subject to adjustment based on the audited financial statements of TRETL as of May 29, 2026.
TRETL has not yet commenced commercial operations and therefore has not recorded any turnover since its incorporation. Upon implementation, the company will be engaged in the transmission of power within India, supporting the integration of additional renewable energy capacity into the national grid.
