Power Grid Corporation of India has acquired Jam Khambhaliya REZ Transmission Limited for ₹19.22 crore. The acquisition, completed on October 12, 2026, secures the project special purpose vehicle (SPV) responsible for integrating 6,500 MW of renewable energy capacity in Gujarat.

The transaction was executed under the Tariff Based Competitive Bidding (TBCB) route. Power Grid emerged as the successful bidder and acquired the SPV from the Bid Process Coordinator, PFC Consulting Limited. The company holds 100% shareholding in the newly acquired entity.

Project scope and infrastructure

Jam Khambhaliya REZ Transmission Limited is tasked with establishing an inter-state transmission system. The project covers Phase II of the Jam Khambhaliya Renewable Energy Zone (REZ) with a capacity of 5,500 MW, alongside Jamnagar Phase-I with 1,000 MW. The total integration capacity stands at 6,500 MW.

The infrastructure development includes:

• Construction of a new Gas Insulated Switchgear (GIS) substation at Kalyanpur, Gujarat.
• Augmentation of Inter-Control Centre (ICT) facilities.
• Bay extension works at under-construction substations within Gujarat.
• Construction of 765 kV transmission lines traversing the state.

Acquisition details and regulatory status

The acquisition price is subject to adjustment based on the audited accounts of the SPV as on the acquisition date. The consideration included 10,000 equity shares at par value of ₹10 each, along with the assumption of assets and liabilities.

Regulatory approvals for the transfer were obtained by the Bid Process Coordinator prior to the deal. Post-acquisition, the SPV must secure the Grant of Transmission License and adoption of transmission charges from the Central Electricity Regulatory Commission (CERC). The entity was incorporated by the Bid Process Coordinator in accordance with Ministry of Power guidelines encouraging competition in transmission projects.

Strategic alignment

The target entity operates in the same business line as Power Grid: power transmission. There are no related party transactions involved, and neither the promoter nor promoter group held any interest in the entity prior to this acquisition. As the SPV is yet to commence commercial operations, it recorded no turnover in the last three years.

Power Grid Corporation of India has launched a project in Rajasthan designed to handle 20 GW of renewable energy, marking a significant development in the country's clean energy transmission infrastructure.

Project overview

The Rajasthan project is structured to manage a capacity of 20 GW of renewable energy. Rajasthan is one of India's leading states for solar and wind energy generation, and transmission infrastructure of this scale is critical to evacuating power from large renewable energy zones to the national grid.

Significance for renewable energy transmission

Projects of this nature play a central role in enabling large-scale integration of renewable energy into the grid. Transmission infrastructure capable of handling 20 GW supports the evacuation of power from utility-scale solar and wind installations, which are concentrated in states like Rajasthan due to favourable natural resources.

Power Grid Corporation of India is the central transmission utility of India, responsible for planning, implementing, and operating the inter-state transmission system across the country.