POWERGRID, Resonia and Dilip Buildcon acquire four TBCB transmission SPVs
Four special purpose vehicles (SPVs) associated with power transmission projects changed ownership between May 29 and May 30, 2026, under the tariff-based competitive bidding (TBCB) framework.
Power Grid Corporation of India Limited (POWERGRID) acquired Tumkur II RE Transmission Limited (TRETL) from PFC Consulting Limited, a wholly owned subsidiary of PFC, on May 29, 2026, for approximately Rs 15.46 crore.
TRETL was incorporated in September 2025 to implement the “Transmission System Strengthening at Tumkur-II for Integration of Additional RE Potential (2.7 GW)” project in Karnataka. The project includes a 400 kV double-circuit transmission line and associated augmentation works at the Tumkur-II pooling station, including interconnecting transformers (ICTs) and line bays.
POWERGRID had emerged as the successful bidder for the project in April 2026. Following the acquisition, the company will approach the Central Electricity Regulatory Commission (CERC) for grant of a transmission licence and adoption of transmission charges.
Resonia Limited, formerly known as Sterlite Grid 32 Limited, completed two separate SPV acquisitions during the period.
On May 29, 2026, PFC Consulting transferred Kurnool IV REZ Power Transmission Limited to Resonia for a consideration of Rs 20.94 crore. The SPV was established to develop the “Transmission System for Kurnool-IV REZ – Phase-II (3 GW)” project in Andhra Pradesh.
In another transaction completed on May 30, 2026, REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, transferred Hampapura Power Transmission Limited to Resonia. The acquisition consideration was Rs 8.61 crore, including taxes, professional fees, and reimbursement of expenses. Resonia Ltd had received the letter of intent (LoI) for the project in April 2026.
Separately, Dilip Buildcon Limited acquired Mekhali Power Transmission Limited from RECPDCL on May 30, 2026, for approximately Rs 8.06 crore. The company received the LoI for the project in March 2026.
All four transactions were executed under the Ministry of Power’s TBCB guidelines. The respective share purchase agreements were completed on the transaction dates, and none of the successful bidders belong to the promoter or promoter groups of the selling entities.
The featured photograph is for representation only.
