What was filed
Power Grid Corporation of India told the exchanges it acquired Lakadia II Power Transmission Limited, a project-specific SPV, on 12 October 2026. The acquisition follows POWERGRID's selection as successful bidder under Tariff Based Competitive Bidding (TBCB), with the SPV transferred on a build, own, operate and transfer (BOOT) basis from the Bid Process Coordinator, REC Power Development and Consultancy Limited (RECPDCL). The SPV was incorporated only on 09 May 2026, has not yet begun commercial operations, and carries no turnover history.
The project
The SPV holds the mandate to build an inter-state transmission system integrating power from renewable projects in the Lakadia renewable-energy zone (REZ) in Gujarat, which the filing links to 7,500 MW of capacity. The scope covers a new 765/400 kV Lakadia-II substation in Gujarat, associated 765 kV transmission lines through the state with related equipment and bays, and the installation and commissioning of a synchronous condenser at the substation. Per the filing, transmission licence and tariff-adoption approvals are still to be obtained from the Central Electricity Regulatory Commission after the acquisition.
Terms and what they mean for a holder
The transaction is for cash, giving POWERGRID full control of an entity in its core line of business — power transmission. The filing notes the acquisition price is subject to adjustment against the SPV's audited accounts as on the acquisition date. This adds another competitively-won asset to POWERGRID's regulated transmission pipeline, but the SPV is pre-operational, so any revenue would depend on construction, commissioning and the pending regulatory approvals described in the filing.