Power Grid Corporation of India acquired Tumkur II RE Transmission Limited (TRETL) for an aggregate value of ₹15.46 crore on May 29, 2026. The acquisition was completed under the Tariff Based Competitive Bidding (TBCB) route following Power Grid's selection as the successful bidder. This strategic move allows Power Grid to establish a transmission system for integrating 2.7 GW of additional renewable energy potential in Karnataka on a build, own, operate, and transfer (BOOT) basis.

The project comprises a 400 kV double-circuit transmission line traversing Karnataka, along with augmentation works at the Tumkur-II Pooling Station. TRETL was incorporated on September 24, 2025, by the Bid Process Coordinator, PFC Consulting Limited (PFCCL), in accordance with guidelines from the Ministry of Power. The entity is yet to commence commercial operations and has recorded no turnover in the last three years.

Acquisition Details

The transaction involved a cash consideration for 100% of the shareholding, comprising 10,000 equity shares at par value of ₹10 each, along with the assets and liabilities of TRETL as of the acquisition date. The final acquisition price is subject to adjustment based on the audited accounts of the company as of May 29, 2026. Power Grid confirmed that the transaction does not fall within related party transactions and was conducted at arm's length.

Regulatory Approvals and Timeline

TRETL was incorporated under the 'Guidelines Encouraging Competition in Development of Transmission Projects' and the 'Tariff Based Competitive Bidding Guidelines for Transmission Service' notified by the Ministry of Power. Requisite approvals for the transfer of TRETL were obtained by the Bid Process Coordinator. Post-acquisition, TRETL is required to secure approvals for the Grant of Transmission License and Adoption of Transmission Charges from the Central Electricity Regulatory Commission.

Power Grid Corporation Of India disclosed penalties totalling ₹10.62 lakh imposed by BSE and NSE for non-compliance with board composition requirements during the quarter ended March 31, 2026. The exchanges fined the company ₹5,31,000 each for violating Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The notices, dated May 27, 2026, cited a failure to adhere to the mandated structure of the Board for the specified period. The financial implications amount to ₹5,31,000 inclusive of GST per exchange. The company received the communication on May 27, 2026, and submitted the disclosure to the stock exchanges on May 28, 2026.

POWERGRID stated that as a Government Company under Section 2(45) of the Companies Act, 2013, the authority to appoint functional, official part-time, and non-official part-time directors vests with the President of India. Consequently, the company has taken up the matter with the Ministry of Power to fill the vacant posts of Independent Directors.

In response to the penalties, POWERGRID has requested both BSE and NSE to grant a waiver for the fine related to the non-compliance with Regulation 17(1). The request was communicated via letters dated May 28, 2026.