Acquisitions8 Nov 2024, 03:35 am
POWER GRID CORPORATION OF INDIA LTD. Acquires 'Barmer I Transmission Limited' for Rs. 18.89 Cr.
AI Summary
POWER GRID CORPORATION OF INDIA LTD., a Government of India Enterprise, has acquired 'Barmer I Transmission Limited' (BITL) for an aggregate value of approximately Rs. 18.89 Cr. The acquisition includes 10,000 equity shares at par at Rs. 10/- each, along with assets and liabilities of BITL. The acquisition was made under the Tariff Based Competitive Bidding route, as per the 'Guidelines Encouraging Competition in Development of Transmission Projects' and 'Tariff based Competitive-bidding Guidelines for Transmission Service' notified by the Ministry of Power. BITL, incorporated on 18/01/2024, is yet to start commercial operation and has no turnover history for the last 3 years. It will be operating in India.
Key Highlights
- Acquisition of 'Barmer I Transmission Limited' by POWER GRID CORPORATION OF INDIA LTD. for approximately Rs. 18.89 Cr.
- Acquisition made under Tariff Based Competitive Bidding route.
- BITL yet to start commercial operation, no turnover history for last 3 years.
- Acquired entity to operate in India.
- Approval for Grant of Transmission License and Adoption of Transmission Charges to be obtained from Central Electricity Regulatory Commission by BITL after the acquisition.