- Indian Power Grid Corporation acquires SPV for transmission project.
- The acquired SPV is yet to start commercial operations.
Indian state-run Power Grid Corporation reported that it had acquired 100 per cent equity in a special purpose vehicle (SPV) to build an inter-state transmission project for the eastern and northeastern regions of the country. The SPV was acquired for an aggregate value of about Rs 7.04 crore, including 50,000 equity shares at par at Rs 10 each, along with assets and liabilities of the company.
The inter-state transmission system comprises upgradation works at 400/132kV Banka (Bihar) with an implementation schedule of 24 months and establishment of 220kV D/C transmission lines passing through Assam and Arunachal Pradesh and bays extension works with an implementation schedule of 36 months.
However, the SPV, incorporated on October 6, 2021, by the bid process coordinator, is yet to start commercial operations.