PGCIL Gets 20 GW Bhadla-III Transmission Project From RECPDCL

PGCIL Gets 20GW Bhadla-III Transmission Project From RECPDCL

Power Grid Corporation of India Limited (PGCIL) recently acquired Bhadla-III Power Transmission Limited, a project-specific Special Purpose Vehicle (SPV) established to develop an additional transmission system to evacuate power from Bhadla-III PS. This project is part of the Rajasthan REZ Phase-III Scheme (20 GW) on a build, own, operate, and transfer (BOOT) basis, managed by the bid process coordinator, REC Power Development and Consultancy Limited (RECPDCL).

RECPDCL, a wholly owned subsidiary of REC Limited, the Maharatna Central Public Sector Undertaking (CPSU) under the Ministry of Power, handed over the project-specific SPV, Bhadla-III Power Transmission Limited, to PGCIL at Gurugram. PGCIL emerged as the Transmission Service Provider (TSP) through a Tariff-Based Competitive Bidding (TBCB) process conducted by RECPDCL, the bid process coordinator, for the development of this transmission project on a BOOT basis.

The project involves the augmentation of Bhadla-III PS with 765/400 kV, 2×1500 MVA & 400/220 kV, 2×500 MVA Interconnecting Transformers (ICT) and associated works. The SPV was handed over by T.S.C. Bosh, Chief Executive Officer (CEO) of RECPDCL, to Pankaj Pandey, Executive Director of PGCIL, and Satyaprakash Dash, Company Secretary of PGCIL, in the presence of senior officials from RECPDCL, PGCIL, and Central Transmission Utility of India Limited. The project is targeted for completion within 18 months.

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POWER GRID acquired Bhadla-III Power Transmission Limited (BIIIPTL) after emerging as the successful bidder under the Tariff-Based Competitive Bidding process. This project is part of the Rajasthan REZ Phase-III Scheme to develop 20 GW on a BOOT basis, overseen by the bid process coordinator, RECPDCL.

The entity was acquired for an aggregate value of approximately Rs. 6.42 crore, which includes 50,000 equity shares at a par value of Rs. 10 each, along with the assets and liabilities of the company as of the acquisition date (28.08.2024). However, the acquisition price is subject to adjustment based on the company’s audited accounts as of the acquisition date. The entity will be engaged in the business of power transmission. As the entity has yet to commence commercial operations, no turnover has been recorded in the last three years. The entity will operate in India.

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