The Power Grid Corporation of India (Powergrid) has taken full ownership of two inter-state transmission special purpose vehicles (SPVs) after being selected as the successful bidder under India’s tariff-based competitive bidding framework.
The Indian state-owned transmission utility finalised both deals on 12 October 2026, paying roughly $2.1m (Rs199.4m) for Lakadia C Power Transmission and approximately Rs192.2m for Jam Khambhaliya REZ Transmission.
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In each case, the consideration covered all 10,000 shares in the target company at a par value of Rs10, along with outstanding assets and liabilities at the transaction date, with the final amount in both instances to be reconciled against audited accounts. Powergrid obtained a 100% stake in each entity on a build, own, operate and transfer basis.
Lakadia C Power Transmission is the project vehicle for Part-C of a common transmission system intended to carry power from the 7.5GW Lakadia Phase II, 5.5GW Jam Khambhaliya Phase II and 1GW Jamnagar Phase I renewable energy zones.
Its scope includes a new 765/400/220kV substation at Alephata in Maharashtra, together with 765kV and 400kV lines running through the state.
Jam Khambhaliya REZ Transmission will deliver infrastructure to connect 5.5GW of renewable capacity from Phase II of the Jam Khambhaliya zone and 1GW from Jamnagar Phase I in Gujarat. That project calls for a new gas-insulated swithgear substation at Kalyanpur, augmentation and bay extension work at substations already under construction in Gujarat, and 765kV lines across the state.
Both SPVs were registered in April 2026 by bid process coordinator PFC Consulting under guidelines issued by the Ministry of Power. Neither company has begun commercial operations or recorded any turnover.
Following the acquisitions, each entity must still obtain a transmission licence and approval of transmission charges from the Central Electricity Regulatory Commission.
In a related development, Powergrid confirmed that its Rajasthan renewable energy zone 20GW Phase III Part C1 transmission project reached full commissioning, effective on 22 September 2026.
The project had originally been assigned to Powergrid Ramgarh II Transmission, a former wholly owned subsidiary that was merged into Powergrid Vataman Transmission from 1 March 2026.
