State-run Power Grid Corporation on Tuesday said it has acquired Ramgarh New Transmission Limited (RNTL), which it has won in a tariff-based competitive bidding.
Power Grid Corporation of India Ltd (PGCIL), pursuant to its selection as the successful bidder under tariff-based competitive bidding, has on March 9, 2021 acquired Ramgarh New Transmission Ltd (RNTL), the Project SPV (special purpose vehicle) to establish transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW), a BSE filing said.
The entity was acquired for an aggregate value of about Rs 5.61 crore including 50,000 equity shares at par at Rs 10 each along with assets and liabilities of the Company as on the acquisition Date (March 9, 2021 ), it added. However, it informed that the acquisition price is subject to adjustment as per the audited accounts as on the date of acquisition.
Now the PGCIL owns 100 per cent equity in the RNTL. It shall be engaged in the business of transmission of Power. The transmission system (RNTL) comprises establishment of a new 400/220kV Substation, 400kV DIC Transmission lines and associated Substation extension works in Rajasthan. The transmission system is an Inter State Transmission System Project and is to be completed in 18 months.