Power Grid Corporation of India has acquired full ownership of Barmer HVDC Power Transmission Limited for ₹18.98 crore, a move aimed at developing a 6 GW power evacuation project. The acquisition was completed on September 23, 2026, pursuant to its selection as the successful bidder under the Tariff Based Competitive Bidding (TBCB) route.

Acquisition details

The following table summarises the key parameters of the transaction:

With this acquisition, Power Grid Corporation of India assumes complete ownership of Barmer HVDC Power Transmission Limited, positioning the entity to advance the development of the 6 GW evacuation project. The transaction reflects the company's continued focus on expanding high-voltage direct current transmission infrastructure to support large-scale power evacuation capacity.

Project specifications

Barmer HVDC Power Transmission Limited is engaged in the business of transmission of power. The project involves the establishment of 6000 MW, ±800 kV HVDC terminals at Barmer-II in Rajasthan and South Kalamb Substation in Maharashtra, along with the augmentation of the South Kalamb Substation.

Key components of the project include:

• Construction of a ±800 kV HVDC bipole line between Barmer-II and South Kalamb, spanning approximately 1000 km through Rajasthan, Gujarat, and Maharashtra.
• Construction of 400 kV transmission lines traversing Rajasthan along with associated bays.
• Installation of two SynCon units at Barmer-II Pumped Storage (PS) along with associated bays.

Regulatory and financial structure

The target entity was incorporated on September 30, 2025, by the Bid Process Coordinator as per guidelines encouraging competition in the development of transmission projects. As a Special Purpose Vehicle (SPV), it has not yet commenced commercial operations and recorded no turnover during the last three years.

The acquisition was executed for an aggregate value of about ₹18.98 crore, including 50,000 equity shares at par value of ₹10 each, along with the assets and liabilities of the company as on the acquisition date. The consideration was paid in cash. Requisite approvals for the transfer were obtained by the Bid Process Coordinator. However, approvals for the Grant of Transmission License and Adoption of Transmission Charges are to be obtained from the Central Electricity Regulatory Commission by Barmer HVDC Power Transmission Limited after the acquisition.

Power Grid Corporation of India has scheduled a Board of Directors meeting for Saturday, September 26, 2026. The agenda includes considering a proposal to raise funds through an unsecured rupee term loan or line of credit (bank facility).

This move follows the recent approval by the Committee of Directors for Bonds on September 18, 2026, which sanctioned the issuance of unsecured non-convertible debentures worth up to ₹5,000 crore through a private placement. The combination of bond issuance and potential bank facilities indicates a multi-pronged approach to the company's capital requirements.

Bond structure details

The approved bond issuance, titled POWERGRID Bonds - LXXXIV (84th Issue 2026-27), consists of a base size of ₹1,000 crore with an oversubscription option of ₹4,000 crore. The instruments are non-cumulative, redeemable, and taxable.

The company outlined the key terms of the proposed bond issue in its regulatory filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The coupon rate and interest payment schedule will be determined after bidding on the Electronic Book Provider platform. The bonds carry no charge or security over the company's assets and attach no special rights or privileges to holders.

Compliance and default status

Power Grid confirmed there have been no delays in the payment of interest or principal amounts for more than three months from due dates. The filing also stated there are no defaults or pending comments from regulators regarding payment obligations or asset concerns related to these securities.