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.

Key Details

Power Grid Corporation of India acquired Kakinada I Transmission Limited (KITL) for an aggregate value of ₹20.50 crore on June 29, 2026, to establish a transmission system for proposed green hydrogen and green ammonia projects in the Kakinada area. The acquisition, made through a Tariff Based Competitive Bidding process, involves 100% shareholding and includes 10,000 equity shares at par along with the assets and liabilities of KITL. The project will be executed on a build, own, operate, and transfer (BOOT) basis in Andhra Pradesh, comprising a new 765/400kV GIS Sub-station, STATCOM, and 765kV transmission line works.

The acquisition does not constitute a related party transaction, as Power Grid held no prior interest in KITL. The target entity was incorporated on February 20, 2025, by the Bid Process Coordinator, PFC Consulting Limited, in accordance with guidelines from the Ministry of Power. KITL is yet to commence commercial operations and has recorded no turnover in the past three years. Post-acquisition, KITL will seek approvals from the Central Electricity Regulatory Commission for the grant of transmission license and adoption of transmission charges.

Acquisition Details

The transaction was completed as per the timelines provided by the Bid Process Coordinator. The consideration of ₹20.50 crore is subject to adjustment based on the audited accounts of KITL as on the acquisition date. The acquisition aligns with Power Grid's core business of power transmission.

Regulatory Approvals

Requisite approvals for the transfer of KITL were obtained by the Bid Process Coordinator. The entity was incorporated under the “Guidelines Encouraging Competition in Development of Transmission Projects” and “Tariff Based Competitive-bidding Guidelines for Transmission Service” notified by the Ministry of Power. KITL will operate exclusively in India within the power transmission sector.