Power Grid shares in focus on Rs 8.53 crore acquisition of MEL Power Transmission
Power Grid Corporation of India (Power Grid) will be in the spotlight on Thursday, June 5, after the company announced the acquisition of MEL Power Transmission Ltd (MPTL), a project-specific special purpose vehicle (SPV), under the Tariff-Based Competitive Bidding (TBCB) route.
ADVERTISEMENT The acquisition transaction involved a 100% equity takeover of MPTL. Power Grid acquired the SPV for a total consideration of approximately Rs 8.53 crore.
The acquisition cost also accounts for the assets and liabilities of MPTL as on the acquisition date. However, the final purchase consideration remains subject to adjustment based on MPTL's audited financials.
The acquisition was completed on June 4.According to the regulatory filing, Power Grid acquired MPTL according to its selection as the successful bidder by the Bid Process Coordinator, PFC Consulting Ltd (PFCCL). The SPV was established for the implementation of the 'Transmission System for evacuation of power from Mahan Energen Limited Generating Station in Madhya Pradesh' on a build, own, operate, and transfer (BOOT) basis.The project's scope includes the development of a 400kV double-circuit (D/C) transmission line and the associated infrastructure at the Rewa (PG) substation, located in the state of Madhya Pradesh.
ADVERTISEMENT MPTL was incorporated on November 19, 2024, by PFCCL and was created following the government's notification of the TBCB framework aimed at facilitating private sector participation and ensuring transparency in project allocation. Before this deal, neither Power Grid nor its promoter group held any interest in MPTL, the company informed.
ADVERTISEMENT The shares of Power Grid closed flat at Rs 288.60 on the BSE on Wednesday.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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