Powergrid acquired Sirohi Transmission Limited
The project is on build, own, operate and transfer (BOOT) basis from the Bid Process Coordinator – PFC Consulting Limited.
New Delhi: Power Grid Corporation of India Limited, India's Central Public Sector Undertaking pursuant to its selection as the successful bidder under Tariff based competitive bidding on August, 22, 2024 acquired Sirohi Transmission Limited, the Project SPV to establish “Transmission System for evacuation of power from Rajasthan REZ Phase IV (Part 2: 5.5 GW) (Jaisalmer/ Barmer Complex)
The project is on build, own, operate and transfer (BOOT) basis from the Bid Process Coordinator – PFC Consulting Limited. It comprises establishment of new 765/400 kV sub-station near Sirohi in Rajasthan, 765kV & 400kV D/C Transmission Lines and associated bays extension works at existing substation in the state of Rajasthan.
Read Also : NTPC-NPCIL Joint Venture 'ASHVINI' gets Govt approvalSirohi Transmission Limited (STL) was incorporated on January 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 Ministry of Power (MoP).
It is mentioned that the requisite approvals were obtained by the Bid Process Coordinator for transfer of STL. Approvals for Grant of Transmission License and Adoption of Transmission Charges are to be obtained from Central Electricity Regulatory Commission by STL after the acquisition by POWERGRID.
The entity was acquired for an aggregate value of about Rs. 18.74 Cr. including 10,000 equity shares at par at Rs. 10 each along with assets and liabilities of the Company as on the acquisition Date (22.08.2024). However, the acquisition price is subject to adjustment as per the audited accounts of the Company as on the acquisition date.
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The entity shall be engaged in the business of transmission of power. The entity was incorporated on 19/01/2024 by Bid Process Coordinator. The entity is yet to start commercial operation, as such no turnover has been recorded during last 3 years. The entity will be operating in India.
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