Power Grid Corporation of India Ltd acquired WR ER Part A Power Transmission Limited for an aggregate value of Rs 18.62 Cr on June 30, 2026. The acquisition was completed under the Tariff Based Competitive Bidding (TBCB) route following Power Grid's selection as the successful bidder. The transaction includes 100% shareholding, comprising 50,000 equity shares at par at Rs 10 each, along with the assets and liabilities of the target entity as on the acquisition date. The acquisition price is subject to adjustment based on the audited accounts of the company as on the date of acquisition.

The target entity, WR ER Part A Power Transmission Limited, is a Project SPV incorporated on November 6, 2025, by the Bid Process Coordinator, REC Power Development and Consultancy Limited (RECPDCL). The entity was established to develop the “WR-ER Inter-Regional Network Expansion Scheme Part-A” on a build, own, operate, and transfer (BOOT) basis. The project involves the establishment of two new 765/400kV Sub-stations in Jharkhand and Chhattisgarh, extension of existing sub-stations in Chhattisgarh and West Bengal, and the construction of 765kV and 400kV transmission lines traversing through Jharkhand, Chhattisgarh, and Odisha.

The acquisition does not fall within related party transactions, and Power Grid held no prior interest in the entity. The business of the acquired entity aligns with Power Grid's main line of business, which is the transmission of power. WR ER Part A Power Transmission Limited is yet to start commercial operations and has recorded no turnover in the last three years. The entity will operate solely within India.

Regulatory approvals for the transfer of the SPV were obtained by the Bid Process Coordinator. Post-acquisition, WR ER Part A Power Transmission Limited is required to secure approvals for the Grant of Transmission License and Adoption of Transmission Charges from the Central Electricity Regulatory Commission. The incorporation of the SPV was guided by the “Guidelines Encouraging Competition in Development of Transmission Projects” and “Tariff based Competitive-bidding Guidelines for Transmission Service” notified by the Ministry of Power.

Key Acquisition Details

Harinarayanan Puthan Kalam ceased to be Executive Director of Power Grid Corporation of India upon attaining the age of superannuation on June 30, 2026. The change in senior management was disclosed to the stock exchanges on the same day.

The cessation was reported in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Harinarayanan Puthan Kalam held the position of Executive Director, a role classified as senior management personnel one level below the Board of Directors.

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