Power Grid Corporation (PGCIL) acquires Ramgarh New Transmission Ltd (RNTL). The entity was acquired for an aggregate value of about Rs 5.61 crore including 50,000 equity shares at par at Rs 10 each along with assets and liabilities of the Company as on the acquisition.
State-run Power Grid Corporation on Tuesday said it has acquired Ramgarh New Transmission Limited, which it has won in tariff-based competitive bidding.
Power Grid Corporation of India Ltd, pursuant to its selection as the successful bidder under tariff-based competitive bidding, acquired Ramgarh New Transmission Ltd , the Project SPV (special purpose vehicle) to establish a transmission system strengthening scheme for the evacuation of power from solar energy zones in Rajasthan (8.1 GW), a BSE filing said.
The entity was acquired for an aggregate value of about Rs 5.61 crore including 50,000 equity shares at par at Rs 10 each along with assets and liabilities of the Company as on the acquisition date March 9, 2021. However, it informed that the acquisition price is subject to adjustment as per the audited accounts as on the date of acquisition.
The transmission system comprises the establishment of a new 400/220 kV Substation, 400 kV DIC Transmission lines and associated substation extension works in the state of Rajasthan. The system is part of the Inter State Transmission System (ISTS) Project and is to be completed in 18 months.
