POWERGRID and Montecarlo acquire transmission SPVs in Maharashtra

Power Grid Corporation of India Limited (POWERGRID) and Montecarlo Limited acquired two transmission Special Purpose Vehicles (SPVs) in Maharashtra on March 12, 2026. The transfers were completed by PFC Consulting Limited (PFCCL) under the Tariff-Based Competitive Bidding (TBCB) process.

POWERGRID acquired NES Pune East New Transmission Limited (NPENTL), the SPV established to address transmission constraints in Pune Region-I. The project includes a new 765/400 kV Air Insulated Switchgear (AIS) substation in Ahilyanagar District, along with associated 765 kV and 400 kV transmission lines and bay extension works across Maharashtra.

The acquisition involved the purchase of 100% shareholding in NPENTL for approximately Rs 8.05 crore. The final consideration remains subject to adjustment based on the audited accounts as of the acquisition date. NPENTL was incorporated in March 2025 and has not yet commenced commercial operations. Following the acquisition, the SPV will require a Transmission License and approval of transmission charges from the Maharashtra Electricity Regulatory Commission (MERC).

Separately, Montecarlo Limited acquired NES Dharashiv Transmission Limited, the SPV tasked with evacuating renewable energy from Dharashiv in Beed District. The acquisition was completed for Rs 3.61 crore.

The project includes the development of a 400/220/132 kV substation at Washi and a network of transmission lines linking it to existing substations at Pune (East), Manjarsumba, Paranda and Kalamb. According to the disclosures, neither transaction constitutes a related party transaction. The acquisition prices were determined in accordance with guidelines issued by the Ministry of Power.

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