PGCIL, H.G. Infra acquire WR-ER transmission SPVs from RECPDCL
Power Grid Corporation of India Limited (PGCIL) and H.G. Infra Engineering Limited have completed the acquisition of project-specific Special Purpose Vehicles (SPVs) from REC Power Development and Consultancy Limited (RECPDCL) after emerging as successful bidders under the tariff-based competitive bidding (TBCB) process. The acquisitions, completed on June 30, 2026, relate to two interstate transmission projects under the WR-ER Inter-Regional Network Expansion Scheme.
PGCIL acquires Part A SPV
PGCIL acquired 100% equity in WR ER Part A Power Transmission Limited from RECPDCL for an aggregate consideration of approximately Rs 18.62 crore. The consideration comprises 50,000 equity shares of Rs 10 each along with the assets and liabilities of the SPV as on the acquisition date and is subject to adjustment based on audited accounts.
The SPV, incorporated on November 6, 2025, has been established to implement the “WR-ER Inter-Regional Network Expansion Scheme Part-A” on a build, own, operate and transfer (BOOT) basis.
The project includes two new 765/400 kV substations in Jharkhand and Chhattisgarh, extensions to existing substations in Chhattisgarh and West Bengal, and 765 kV and 400 kV transmission lines across Jharkhand, Chhattisgarh and Odisha.
The acquisition follows PGCIL’s receipt of the Letter of Intent (LoI) on June 16, 2026, after it was declared the successful bidder under the TBCB mechanism.
H.G. Infra acquires Part C SPV
H.G. Infra Engineering Limited acquired 100% equity in WR ER Part C Power Transmission Limited from RECPDCL through a Share Purchase Agreement executed on June 30, 2026.
The acquisition covers 50,000 equity shares with a face value of Rs 10 each for a cash consideration of Rs 5,00,000. Incorporated on November 6, 2025, the SPV has not recorded any turnover and will execute the “WR-ER Inter-Regional Network Expansion Scheme – Part C,” involving the construction, operation and maintenance of the interstate transmission network.
The acquisition follows the company’s receipt of the Letter of Intent on June 13, 2026, after emerging as the successful bidder under the TBCB route.
REC transfers both SPVs
REC Limited separately informed that its wholly owned subsidiary, RECPDCL, transferred the entire shareholding of both SPVs to the successful bidders on June 30, 2026.
WR ER Part A Power Transmission Limited was transferred to PGCIL for Rs 18.61 crore, inclusive of taxes, while WR ER Part C Power Transmission Limited was transferred to H.G. Infra Engineering Limited for Rs 11.92 crore, inclusive of taxes.
REC stated that both transactions are not slump sales, do not involve related parties, and that the SPVs ceased to be subsidiaries of RECPDCL and REC Limited with effect from June 30, 2026.
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