Power Grid Corporation of India Limited acquired Krishnagiri REZ Transmission Limited for ₹19.82 crore on August 3, 2026, securing full control over the project special purpose vehicle (SPV) to develop the "Transmission System for integration of Krishnagiri REZ Phase-I." This acquisition, executed under the Tariff Based Competitive Bidding (TBCB) route, enables Power Grid to build, own, operate, and transfer (BOOT) critical inter-state transmission infrastructure, strengthening its role in integrating renewable energy zones into the national grid.

The transaction was disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Power Grid emerged as the successful bidder from PFC Consulting Limited, which served as the Bid Process Coordinator. The deal is not classified as a related-party transaction, as Power Grid had no prior interest in the target entity before the acquisition. All requisite governmental approvals for the transfer were obtained by the Bid Process Coordinator prior to the closing date.

The project scope involves establishing two new 765/400kV sub-stations in Andhra Pradesh. It also includes the construction of 765kV and 400kV transmission lines traversing Andhra Pradesh, Telangana, and Karnataka, along with associated bays. This infrastructure is essential for evacuating power from the Krishnagiri Renewable Energy Zone to the broader grid network.

The consideration of ₹19.82 crore includes the purchase of 10,000 equity shares at a par value of ₹10 each, along with all assets and liabilities of Krishnagiri REZ Transmission Limited as of August 3, 2026. The final acquisition price is subject to adjustment based on the audited accounts of the company as on the acquisition date. Since the target entity was incorporated recently on April 29, 2026, and has not commenced commercial operations, no turnover has been recorded in the last three years.

Regulatory Approvals Pending

While the transfer of ownership is complete, Krishnagiri REZ Transmission Limited must still obtain specific regulatory clearances to commence operations. The entity needs to secure a Grant of Transmission License and Adoption of Transmission Charges from the Central Electricity Regulatory Commission (CERC). These approvals are mandatory for the legal operation of the transmission assets and will be pursued by the acquired entity post-acquisition. The original incorporation and bidding process adhered to the "Guidelines Encouraging Competition in Development of Transmission Projects" and "Tariff based Competitive-bidding Guidelines for Transmission Service" notified by the Ministry of Power.

Power Grid Corporation of India has disclosed the cessation of Rajesh Gupta from his role as Executive Director (ED). The change in senior management is effective July 31, 2026, marking the end of Gupta’s tenure with the transmission utility.

Gupta ceased to be an Executive Director upon attaining the age of superannuation. As an ED, he served as Senior Management Personnel one level below the Board of Directors. His departure represents a standard leadership transition due to retirement regulations rather than a voluntary resignation or removal.

The company notified the National Stock Exchange of India Limited and BSE Limited of the change under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was signed by Anjana Luthra, Company Secretary & Compliance Officer, on July 31, 2026.

Key Details

Power Grid Corporation of India must now appoint a successor to fill the vacancy on its senior management team. The company will likely seek shareholder approval for any new appointment through a board meeting or postal ballot, depending on the specific regulatory requirements for the role.