The POWERGRID Fatehgarh II Transmission Limited acquisition has been completed, with Power Grid Corporation of India Limited (POWERGRID) acquiring 100% ownership of the company for an aggregate consideration of approximately Rs 19.11 crore. The transaction closed on August 28, 2026, following POWERGRID’s selection as the successful bidder under the tariff-based competitive bidding (TBCB) route.
Fatehgarh II Transmission Limited is the project special purpose vehicle (SPV) for establishing an inter-State transmission system for the installation of two synchronous condenser (SynCon) units at the 765/400/220 kV Fatehgarh-II Power Station on a Build, Own, Operate and Transfer (BOOT) basis.
The project comprises the installation and commissioning of two SynCon units at Fatehgarh-II PS, along with associated bays.
POWERGRID acquired Fatehgarh II Transmission Limited from PFC Consulting Limited (PFCCL), the bid process coordinator, pursuant to its successful bid under the tariff-based competitive bidding process. The acquisition is in line with POWERGRID’s core business of power transmission.
Fatehgarh II Transmission Limited was incorporated on May 6, 2026, by the bid process coordinator under the Guidelines Encouraging Competition in Development of Transmission Projects and the Tariff Based Competitive Bidding Guidelines for Transmission Service notified by the Ministry of Power.
The acquisition was completed through cash consideration. The aggregate acquisition value of approximately Rs 19.11 crore includes 10,000 equity shares at a face value of Rs 10 each, along with the assets and liabilities of Fatehgarh II Transmission Limited as of the acquisition date, August 28, 2026. The acquisition price is subject to adjustment based on the audited accounts of the company as of the acquisition date.
POWERGRID did not have any prior interest in Fatehgarh II Transmission Limited in relation to a related-party transaction. The acquisition does not fall under related-party transactions.
Fatehgarh II Transmission Limited operates in the power transmission sector and will be engaged in the business of transmission of power. Following the acquisition, the company is required to obtain approvals from the Central Electricity Regulatory Commission (CERC) for the grant of a transmission licence and adoption of transmission charges.
The company has not yet commenced commercial operations and, therefore, has not recorded any turnover during the last three years. It will operate in India.
The acquisition of Fatehgarh II Transmission Limited was completed in accordance with the timelines provided by the bid process coordinator.
