What was filed
Power Grid Corporation of India told the exchanges it acquired Fatehgarh II Transmission Limited, a project special purpose vehicle, on 28 August 2026. The acquisition follows POWERGRID emerging as the successful bidder under Tariff Based Competitive Bidding (TBCB), with the SPV transferred from the Bid Process Coordinator, PFC Consulting Limited (PFCCL), on a build, own, operate and transfer (BOOT) basis.
The project covers the installation and commissioning of two synchronous condenser (SynCon) units at the 765/400/220kV Fatehgarh-II pooling station, along with associated bays.
Terms of the acquisition
The SPV is a fresh entity, incorporated on 6 May 2026 by the Bid Process Coordinator. It has not yet begun commercial operation and so carries no turnover history over the last three years. The consideration is entirely cash, and the filing notes the acquisition price is subject to adjustment against the company's audited accounts as on the acquisition date.
The filing states this is not a related party transaction and that POWERGRID had no prior interest in the entity.
Where it fits
The acquired entity operates in power transmission — the same line of business as POWERGRID — so the deal extends the company's inter-state transmission mandate rather than moving it into a new area. Synchronous condensers support grid voltage stability, and the units will be installed at an existing pooling station.
Approvals for grant of the transmission licence and adoption of transmission charges are still to be obtained from the Central Electricity Regulatory Commission after the acquisition.