POWERGRID completes acquisition of Fatehgarh II Transmission
Power Grid Corporation of India Limited (POWERGRID) has completed the acquisition of Fatehgarh II Transmission Limited, a special purpose vehicle (SPV) established to develop an interstate transmission system project in Rajasthan. POWERGRID had emerged as the successful bidder for the project under the Tariff Based Competitive Bidding (TBCB) mechanism and received the Letter of Intent (LoI) on July 17, 2026.
The project involves the installation and commissioning of two synchronous condenser (SynCon) units at the 765/400/220 kV Fatehgarh-II substation, along with associated bays. It will be developed on a build, own, operate, and transfer (BOOT) basis.
The acquisition was completed on August 28, 2026, with POWERGRID acquiring 100% shareholding in Fatehgarh II Transmission Limited for an aggregate consideration of approximately Rs 19.11 crore. The consideration comprises 10,000 equity shares at par value, along with the assets and liabilities of the company as of the acquisition date.
Fatehgarh II Transmission Limited was incorporated on May 6, 2026, by the Bid Process Coordinator, PFC Consulting Limited, in accordance with the Ministry of Power’s guidelines on competition in transmission project development and tariff-based bidding.
The SPV had not commenced commercial operations as of the acquisition and had recorded no turnover to date. The acquisition is aligned with POWERGRID’s core business of power transmission.
The necessary approvals for the transfer were secured by the Bid Process Coordinator. Following the acquisition, Fatehgarh II Transmission Limited will seek regulatory clearances from the Central Electricity Regulatory Commission for the grant of a transmission license and adoption of transmission charges.
The featured photograph is for representation only.
