Power Grid Corporation of India Limited (POWERGRID) has announced the successful acquisition of SR and ER Power Transmission Limited (SRERPTL) on February 3, 2026. The acquisition was completed through the Tariff-Based Competitive Bidding (TBCB) mechanism, under which POWERGRID emerged as the winning bidder. The project was earlier being managed by PFC Consulting Limited (PFCCL), which acted as the Bid Process Coordinator, and has now been formally transferred to POWERGRID on a Build, Own, Operate, and Transfer (BOOT) basis.
The main aim of this project is to strengthen inter-regional power transmission between the Southern Region (SR) Grid and the Eastern Region (ER) Grid. This strengthening is expected to improve grid stability, enhance power transfer capability, and support growing electricity demand across regions. The project involves the development of major transmission infrastructure, including 765 kV double-circuit transmission lines passing through Odisha and Andhra Pradesh. Along with the transmission lines, the project scope also includes the construction of associated line bays and reactor works at both ends of the transmission corridor.
The total consideration for the acquisition is approximately Rs. 19.63 crore. This includes the purchase of 10,000 equity shares at a face value of Rs. 10 each, as well as the transfer of all assets and liabilities of SRERPTL as on the acquisition date. The final transaction value is subject to adjustments based on the audited financial statements of the company as of early February 2026. Following the completion of the acquisition, POWERGRID now holds a 100 percent shareholding and full control over SRERPTL.
SRERPTL is a special-purpose vehicle that was incorporated on August 22, 2025. As the company has not yet started commercial operations, it has reported no turnover in the last three years. The entityโs business activities are focused on power transmission, which aligns closely with POWERGRIDโs core operations in developing and managing the national transmission network.
In terms of regulatory compliance, POWERGRID has clarified that the transaction does not qualify as a related party transaction. The company also stated that none of its promoters or group companies had any prior interest in SRERPTL. While PFCCL had obtained the required initial approvals for the transfer, SRERPTL will now need to secure a transmission license and obtain the adoption of transmission charges from the Central Electricity Regulatory Commission (CERC) following the change in ownership.
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