What was filed
Power Grid Corporation of India told the exchanges that on 12 October 2026 it acquired Jam Khambhaliya REZ Transmission Limited, a project-specific SPV, from the Bid Process Coordinator, PFC Consulting Limited. The acquisition follows POWERGRID emerging as the successful bidder under Tariff Based Competitive Bidding (TBCB), with the project taken up on a build, own, operate and transfer (BOOT) basis.
The SPV was incorporated on 29 April 2026 by the Bid Process Coordinator and is yet to start commercial operations, so it carries no turnover history. Per the filing, this is a routine TBCB project-SPV transfer rather than the acquisition of an operating business.
The project
The mandate is to establish an inter-state transmission system to integrate power from renewable projects, described in the filing as the Jam Khambhaliya REZ in Gujarat Phase II (5500 MW) and Jamnagar Phase-I (1000 MW).
The scope includes a new GIS substation at Kalyanpur in Gujarat, ICT augmentation and bay extension at under-construction substations in the state, and construction of 765 kV transmission lines across Gujarat. The company said approvals for grant of a transmission licence and adoption of transmission charges are still to be obtained from the Central Electricity Regulatory Commission after the acquisition.
Terms
The acquisition is for cash. POWERGRID took 100% control, including 10,000 equity shares at par of Rs. 10 each along with the SPV's assets and liabilities as on the acquisition date. The company noted the price is subject to adjustment per the audited accounts as on that date, and stated the transaction is not a related-party transaction and that POWERGRID had no prior interest in the entity.