Latest news with #Tariff-BasedCompetitiveBidding
Time of India
4 days ago
- Business
- Time of India
Hartek bags ₹138 cr POWERGRID contract for 400kV substation in Karnataka
New Delhi: Hartek Group has secured a contract worth ₹138 crore from Power Grid Corporation of India Ltd ( POWERGRID ) for developing a 400kV AIS Substation under the Transmission Scheme for integration of renewable energy zones in Karnataka, the company said in a statement. The substation project—Package SS-66T—is part of the infrastructure required to integrate renewable energy from Davanagere, Chitradurga and Ballari Renewable Energy Zones (REZ) into the national grid. The contract was awarded through the Tariff-Based Competitive Bidding (TBCB) route. The scope of work includes design, engineering, procurement, construction, testing at the manufacturer's works, supply, unloading, storage, erection, testing, and commissioning of the substation. 'We are honored to be entrusted with this critical infrastructure project by POWERGRID. The development of the 400kV AIS Substation under the TBCB route reinforces Hartek's expertise in delivering high-voltage transmission projects and aligns with our commitment to supporting India's renewable energy integration goals. This project will strengthen the national grid and accelerate the green energy transition ,' said Simarpreet Singh, Executive Director & CEO, Hartek Group. The substation is expected to enable the seamless evacuation of renewable energy generated in the Karnataka REZ and support India's target of achieving 500 GW of non-fossil fuel-based capacity by 2030. Hartek said the project would help in enhancing grid stability and reducing transmission losses. The company added that it continues to expand across power systems, renewables, and distribution infrastructure, with a growing portfolio aimed at supporting India's energy transition.
New Indian Express
5 days ago
- Business
- New Indian Express
NLCIL to develop 450 MW wind-solar hybrid project
CUDDALORE: Neyveli Lignite Corporation India Limited (NLCIL) has received a Letter of Award (LoA) from the National Thermal Power Corporation Limited (NTPC) for developing a 450 MW Inter-State Transmission System (ISTS) connected Wind-Solar Hybrid Power Project. In a press statement released on Tuesday, NLCIL said the LoA is part of NTPC's initiative to procure 1200 MW of hybrid power under a Tariff-Based Competitive Bidding process, with a provision to extend it by an additional 600 MW under the Greenshoe option. 'NLCIL has emerged successful in securing 450 MW contracted capacity, reaffirming its growing role in India's renewable energy transition,' the statement said. The project is designed to deliver a minimum annual Capacity Utilization Factor (CUF) of 30%. It aims to integrate renewable resources while maintaining grid stability and reliability.
Business Standard
26-06-2025
- Business
- Business Standard
H.G. Infra Engg rises after incorporating WOS for battery energy storage project in Gujarat
H.G. Infra Engineering (HGIEL) rose 1.21% to Rs 1,053.50 after the company announced that it has incorporated of a wholly owned subsidiary (WOS), H.G. Choraniya Bess, on 25 June 2025. The new entity has been formed as a Special Purpose Vehicle (SPV) to develop Standalone Battery Energy Storage Systems (BESS) in Gujarat as part of the governments Tariff-Based Competitive Bidding (TBCB)Phase VI initiative. The SPV will operate in the battery energy storage segment, marking HGIEL's strategic entry into the renewable and sustainable energy segment. As a newly incorporated entity, the company stated that there is no immediate financial impact on its consolidated operations. The SPV has been incorporated with an authorised and subscribed share capital of Rs 15 lakh, comprising 1,50,000 equity shares of Rs 10 each. Being a wholly owned subsidiary, H.G. Choraniya Bess is classified as a related party under applicable regulations. However, HGIEL confirmed that, apart from the equity held by the parent company, neither the promoters, promoter group, nor any group companies have any direct or indirect interest in the new subsidiary. H.G. Infra Engineering is primarily involved in the construction of roads and highways in Odisha, Telangana, Rajasthan, Delhi, Andhra Pradesh, Haryana, and Uttar Pradesh. HGIEL is accredited AA class by the Public Works Department (PWD) of the Government of Rajasthan (GoR) and is registered as an SS class contractor by the Military Engineer Services (MES). The company reported a 22.65% decline in consolidated net profit to Rs 146.98 crore in Q4 FY25 as against Rs 190.03 crore posted in Q4 FY24. Revenue from operations fell 20.33% YoY to Rs 1,360.89 crore in the quarter ended 31 March 2025.
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Business Standard
05-06-2025
- Business
- Business Standard
REC shares rise after board approves fundraising up to ₹1.55 lakh via bonds
REC share price gained 2.1 per cent in trade on Thursday, June 5, 2025, logging a day's high at ₹409.7 per share on BSE. The stock advanced after the company's board approved to raise up to ₹1,55,000 crore via bonds and struck off a project specific special purpose vehicle (SPV) named Rajgarh III Power Transmission. At 10:33 AM, REC shares were trading 0.74 per cent higher at ₹403.9 per share on the BSE. In comparison, the BSE Sensex was up 0.41 per cent at 81,332.28. The market capitalisation of the company stood at ₹1,06,355.92 crore. The 52-week high of the stock was at ₹653.9 per share and the 52-week low of the stock was at ₹357.45 per share. Catch Stock Market Updates Today LIVE REC fundraising details State-owned company's board on Wednesday, June 4, 2025, approved the proposal to raise funds via bonds. "Proposal of raising of funds through Private Placement of Unsecured / Secured Non-Convertible Bonds / Debentures of up to ₹1,55,000 crore, subject to the approval of shareholders in the ensuing Annual General Meeting ("AGM"). The funds will be raised, in one or more tranches, during a period of one year from the date of passing of resolution by the shareholders, with the approval of Competent Authority," the filing read. Why strike off SPV? The National Committee on Transmission (NCT) had recommended RECPDCL for selection of the Transmission Service division for the interstate transmission project namely, "Transmission system for Evacuation of Power from RE Projects in Rajgarh (1500 MW) SEZ in Madhya Pradesh - Phase III" According to Tariff-Based Competitive Bidding (TBCB) guidelines, RECPDCL incorporated an SPV company to carry out the bid process. Subsequently, the NCT has recommended clubbing the said project with another project. Accordingly, the Ministry of Power de-notified the project Rajgarh Phase III (1500 MW) project vide notification dated March 18, 2025. In view of the above, the said SPV is proposed to be strike off subject to requisite clearances/ concurrences/ approvals of Statutory/ Administrative Authorities, wherever required.
Time of India
05-06-2025
- Business
- Time of India
Power Grid shares in focus on Rs 8.53 crore acquisition of MEL Power Transmission
Power Grid Corporation of India (Power Grid) will be in the spotlight on Thursday, June 5, after the company announced the acquisition of MEL Power Transmission Ltd (MPTL), a project-specific special purpose vehicle (SPV), under the Tariff-Based Competitive Bidding (TBCB) route. The acquisition transaction involved a 100% equity takeover of MPTL. Power Grid acquired the SPV for a total consideration of approximately Rs 8.53 crore. The acquisition cost also accounts for the assets and liabilities of MPTL as on the acquisition date. However, the final purchase consideration remains subject to adjustment based on MPTL's audited financials. The acquisition was completed on June 4. According to the regulatory filing, Power Grid acquired MPTL according to its selection as the successful bidder by the Bid Process Coordinator, PFC Consulting Ltd (PFCCL). The SPV was established for the implementation of the 'Transmission System for evacuation of power from Mahan Energen Limited Generating Station in Madhya Pradesh' on a build, own, operate, and transfer (BOOT) basis. The project's scope includes the development of a 400kV double-circuit (D/C) transmission line and the associated infrastructure at the Rewa (PG) substation, located in the state of Madhya Pradesh. MPTL was incorporated on November 19, 2024, by PFCCL and was created following the government's notification of the TBCB framework aimed at facilitating private sector participation and ensuring transparency in project allocation. Before this deal, neither Power Grid nor its promoter group held any interest in MPTL, the company informed. The shares of Power Grid closed flat at Rs 288.60 on the BSE on Wednesday. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
