Power Grid Corporation of India Limited (POWERGRID) has acquired Bhadla Ramgarh Power Transmission Limited (BRPTL), the Special Purpose Vehicle (SPV) established for the implementation of the Inter-State Transmission System (ISTS) project titled “Augmentation at Bhadla-III, Ramgarh PS and Kanpur (PG)”. The acquisition was completed on July 29, 2026, following POWERGRID’s emergence as the successful bidder under the Tariff-Based Competitive Bidding (TBCB) process.
The SPV was acquired from REC Power Development and Consultancy Limited (RECPDCL), the Bid Process Coordinator, on a Build, Own, Operate and Transfer (BOOT) basis. The transmission project includes augmentation and bay extension works at Bhadla-III Substation and Ramgarh Substation in Rajasthan, and Kanpur Substation in Uttar Pradesh, aimed at strengthening the country’s interstate power transmission network.
According to the regulatory filing, the acquisition does not qualify as a related-party transaction, and POWERGRID had no prior interest in the SPV before the acquisition. BRPTL operates in the power transmission sector, aligning with POWERGRID’s core business of developing and operating transmission infrastructure.
Bhadla Ramgarh Power Transmission Limited was incorporated on May 8, 2026, by RECPDCL in accordance with the Ministry of Power’s Guidelines Encouraging Competition in Development of Transmission Projects and the Tariff-Based Competitive Bidding Guidelines for Transmission Service. Necessary approvals for the transfer of the SPV were obtained by the Bid Process Coordinator. Following the acquisition, BRPTL will seek approval from the Central Electricity Regulatory Commission (CERC) for the grant of a transmission licence and adoption of transmission charges.
POWERGRID acquired 100% equity in BRPTL for an aggregate consideration of approximately ₹12.86 crore. The transaction includes 50,000 equity shares with a face value of ₹10 each, along with all 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 BRPTL as of July 29, 2026.
As BRPTL has not yet commenced commercial operations, it has recorded no turnover during the last three years. The company will operate in India and will be engaged in the business of power transmission.
