What was filed
Power Grid Corporation of India told the exchanges that on 23 September 2026 it acquired Barmer HVDC Power Transmission Limited, the project-specific vehicle (SPV) set up to build an inter-state transmission system. POWERGRID took the SPV over from the Bid Process Coordinator, REC Power Development and Consultancy Limited (RECPDCL), after emerging as the successful bidder under the Tariff Based Competitive Bidding (TBCB) route. The project will be developed on a build, own, operate and transfer (BOOT) basis.
The project
The link is designed to evacuate power from the Rajasthan renewable energy zone — specifically the Barmer Complex, Barmer-II solar block. Per the filing, it comprises HVDC terminals at Barmer-II in Rajasthan and at South Kalamb in Maharashtra, an HVDC bipole line running through Rajasthan, Gujarat and Maharashtra, associated 400 kV lines in Rajasthan, and two SynCon units at Barmer-II. The SPV was incorporated only on 30 September 2025, has recorded no turnover, and is yet to begin commercial operation.
Approvals still pending
The Bid Process Coordinator obtained the approvals needed to transfer the SPV, but POWERGRID must still secure the Grant of Transmission License and the Adoption of Transmission Charges from the Central Electricity Regulatory Commission after the acquisition. The company also flagged that the acquisition price is subject to adjustment based on the SPV's audited accounts as on the acquisition date.