Powergrid acquires MEL Power Transmission for Rs 8.53 crore under tariff-based bidding
Power Grid Corporation of India Limited (POWERGRID) on June 4 announced the acquisition of MEL Power Transmission Limited (MPTL) for Rs 8.53 crore, marking another key addition to its transmission network under the Tariff-Based Competitive Bidding (TBCB) route.
The acquisition follows POWERGRID's selection as the successful bidder for the project titled 'Transmission System for evacuation of power from Mahan Energen Limited Generating Station in Madhya Pradesh.' The project involves setting up a 400kV double-circuit transmission line and associated bays at the existing Rewa Powergrid substation.
MPTL, incorporated on November 19, 2024, by PFC Consulting Limited, was transferred to POWERGRID on a Build, Own, Operate, and Transfer (BOOT) basis. The acquisition includes 10,000 equity shares at par and the company's assets and liabilities, with the price subject to adjustment based on audited accounts.
POWERGRID acquired 100% shareholding in MPTL, which aligns with its core business of power transmission. Although MPTL is yet to commence commercial operations, it is expected to play a crucial role in strengthening the evacuation infrastructure for power generation in Madhya Pradesh.
Further regulatory approvals, such as the grant of a transmission license and adoption of transmission charges, will be secured from the Central Electricity Regulatory Commission (CERC).
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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