POWERGRID Acquires ₹18.98 Crore Transmission SPV

Power Grid Corporation of India Ltd. (POWERGRID) has completed the acquisition of 100% of Barmer HVDC Power Transmission Ltd. for an aggregate consideration of approximately ₹18.98 crore. The acquisition was completed on September 23, 2026, after POWERGRID emerged as the successful bidder under the Tariff Based Competitive Bidding (TBCB) process. The acquired company is a special purpose vehicle established to implement an inter-state transmission system for evacuating renewable power from the Rajasthan Renewable Energy Zone (REZ) Phase-IV, Part-5, involving 6 GW of capacity at the Barmer complex. The project will be developed on a Build, Own, Operate and Transfer (BOOT) basis. It includes the establishment of 6,000 MW ±800 kV HVDC terminals at Barmer-II in Rajasthan and South Kalamb in Maharashtra, along with augmentation of the South Kalamb substation. The project also involves construction of an approximately 1,000-km HVDC bipole transmission line passing through Rajasthan, Gujarat and Maharashtra, along with associated 400 kV transmission infrastructure in Rajasthan and two SynCon units at Barmer-II. Barmer HVDC Power Transmission Ltd. was incorporated in September 2025 and had not commenced commercial operations before the acquisition. Certain regulatory approvals, including the transmission licence and adoption of transmission charges, are still required from the Central Electricity Regulatory Commission (CERC). My View: In my view, the acquisition strengthens POWERGRID's pipeline of large-scale transmission projects linked to renewable energy evacuation. The key factors to watch will be regulatory approvals and project execution.