Power Grid Corporation of India has completed the acquisition of Bellary Davanagere Power Transmission Limited on 12.02.2026 under the Tariff Based Competitive Bidding route. The acquisition, valued at Rs. 13.02 crore, represents POWERGRID's successful bid to establish transmission system strengthening for integration of additional renewable energy potential in Karnataka.

Acquisition Details

The company acquired Bellary Davanagere Power Transmission Limited as the Project SPV to establish transmission system strengthening for integration of additional renewable energy potential at Davanagere (0.25 GW) and Bellary (2.75 GW) on build, own, operate and transfer basis from the Bid Process Coordinator – REC Power Development & Consultancy Limited.

Project Infrastructure

The project comprises 400 kV double circuit transmission line traversing in the state of Karnataka along with associated line bays works at both ends and augmentation works including ICTs and Line Bays at both Davangere and Bellary Pooling Stations. The transmission infrastructure is designed to strengthen the grid for renewable energy integration in the region.

Corporate Structure and Operations

Bellary Davanagere Power Transmission Limited was incorporated on 25.09.2025 by the Bid Process Coordinator as per the Guidelines Encouraging Competition in Development of Transmission Projects and Tariff based Competitive-bidding Guidelines for Transmission Service notified by Ministry of Power. The company is yet to start commercial operation and has recorded no turnover during the last 3 years.

Regulatory Framework

The acquisition was completed as per the timelines furnished by Bid Process Coordinator with requisite approvals obtained for transfer of BDPTL. Post-acquisition, approvals for Grant of Transmission License and Adoption of Transmission Charges are to be obtained from Central Electricity Regulatory Commission by BDPTL. The acquisition price remains subject to adjustment as per the audited accounts of the company as on the acquisition date.

This strategic acquisition aligns with POWERGRID's core business of power transmission and supports the integration of renewable energy capacity in Karnataka's power grid infrastructure.

Power Grid Corporation of India has informed stock exchanges about a credit rating update from Fitch Ratings, which revised the company's stand-alone credit profile while maintaining its overall issuer default ratings. The disclosure was made under Regulation 30 of SEBI listing regulations on February 12, 2026.

Credit Profile Revision Details

Fitch Ratings communicated the revision of POWERGRID's stand-alone credit profile (SCP) through its official communication dated February 12, 2026. The rating agency explained that this change stems from analytical recalibration under its revised Corporate Rating Criteria rather than any deterioration in company performance.

Key Clarifications from Rating Agency

Fitch Ratings emphasized that the revision primarily reflects analytical recalibration under new criteria rather than fundamental changes to POWERGRID's business profile. The rating agency specifically noted that this adjustment does not indicate any deterioration in:

• Company's business fundamentals
• Financial performance metrics
• Liquidity position
• Operational capabilities

Issuer Default Ratings Maintained

Despite the stand-alone credit profile revision, POWERGRID's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) remain stable at 'BBB-' with a stable outlook. This consistency reflects the ratings' continued alignment with India's sovereign rating profile.

Regulatory Compliance

The company fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Satyaprakash Dash signed the regulatory filing, ensuring timely communication to both NSE and BSE regarding this rating development.

The revision represents a technical adjustment within Fitch's updated rating methodology rather than a reflection of changed business conditions or financial performance at POWERGRID.