PGCIL acquires Kakinada I Transmission SPV for green hydrogen corridor
Power Grid Corporation of India Limited (POWERGRID) has acquired Kakinada I Transmission Limited (KITL), the special purpose vehicle (SPV) for developing the transmission system for proposed Green Hydrogen and Green Ammonia projects in the Kakinada area (Phase-I). The acquisition was completed on June 29, 2026, after POWERGRID emerged as the successful bidder under the Tariff Based Competitive Bidding (TBCB) route.
KITL was transferred to POWERGRID by PFC Consulting Limited (PFCCL), the Bid Process Coordinator, under the Ministry of Power’s competitive bidding guidelines. The project will be implemented on a Build, Own, Operate and Transfer (BOOT) basis.
The transmission project involves the development of a new 765/400 kV gas-insulated substation (GIS) with a Static Synchronous Compensator (STATCOM), along with associated 765 kV transmission line works in Andhra Pradesh.
The estimated cost of the project is Rs 1,618 crore and the gestation period is 24 months. POWERGRID had received the Letter of Intent (LoI) for the project on June 12, 2026.
Under the acquisition, POWERGRID acquired a 100% stake in KITL for approximately Rs 20.50 crore, including 10,000 equity shares acquired at par value. The consideration was paid in cash. The company stated that the acquisition is not a related-party transaction.
KITL was incorporated on February 20, 2025, by PFCCL as the Bid Process Coordinator. The company has not commenced commercial operations and has not recorded any turnover to date.
The featured photograph is for representation only.
