Ashoka Buildcon Acquires 100% Stake in Sakoli Power Transmission SPV
Ashoka Buildcon Limited (NSE: ASHOKA, BSE: 533271) has acquired a 100% equity stake in Sakoli Power Transmission Limited, a special purpose vehicle (SPV) established for developing a power transmission project in Maharashtra.
The acquisition was completed on September 23, 2026, following the company’s receipt of a Letter of Intent from REC Power Development and Consultancy Limited (RECPDCL) on August 13, 2026.
Ashoka Buildcon Acquires Sakoli Power Transmission
Ashoka Buildcon has signed a Share Purchase Agreement (SPA) and purchased the entire equity shareholding of Sakoli Power Transmission Limited from RECPDCL.
The transaction involves a cash consideration of ₹3.06 crore, including the share purchase consideration and relevant expenses and liabilities of the SPV up to the date of acquisition.
Following the transaction, Sakoli Power Transmission Limited will become a wholly owned subsidiary of Ashoka Buildcon.
The company stated that the acquisition does not constitute a related-party transaction.
400/220/132 kV Sakoli Transmission Project
Sakoli Power Transmission Limited was established specifically to undertake the Establishment of 400/220/132 kV AIS Sakoli in Bhandara district, Maharashtra, along with associated transmission lines.
The project was awarded through a Tariff Based Competitive Bidding (TBCB) process.
The SPV has been set up to develop the transmission infrastructure on a Build-Own-Operate-Transfer (BOOT) basis.
Project Development and Future Timeline
Sakoli Power Transmission Limited was incorporated on July 7, 2025, specifically for implementing the transmission project.
According to Ashoka Buildcon, the Scheduled Date of Commercial Operation (COD) is 24 months from the date of acquisition of the SPV.
With the acquisition completed on September 23, 2026, the project is therefore scheduled for commercial operation approximately two years from the acquisition date, subject to project execution and applicable conditions.
Ministry of Power Approval Received
The company disclosed that the required approval from the Ministry of Power for the transfer of shares in the SPV has been received.
The acquisition process was completed on September 23, 2026.
Key Details of Ashoka Buildcon Acquisition
| Particular | Details |
|---|---|
| Acquirer | Ashoka Buildcon Limited |
| Target | Sakoli Power Transmission Limited |
| Stake acquired | 100% |
| Acquisition cost | ₹3.06 crore |
| Sector | Power Transmission |
| Project location | Sakoli, Bhandara, Maharashtra |
| Project | 400/220/132 kV AIS Sakoli and associated transmission lines |
| Project model | BOOT |
| Award process | Tariff-based competitive bidding |
| SPV incorporation | July 7, 2025 |
| Acquisition completed | September 23, 2026 |
| Scheduled COD | 24 months from acquisition |
| Related-party transaction | No |
| Ministry of Power approval | Received |
What This Means for Ashoka Buildcon
The acquisition gives Ashoka Buildcon control of the SPV established to implement the Sakoli power transmission project.
The transaction itself involves a relatively small ₹3.06 crore cash consideration, but the more important aspect for investors is the underlying transmission project and its execution over the coming years.
The company will now own the SPV responsible for developing the new 400 kV AIS substation and associated transmission infrastructure.
The project also expands Ashoka Buildcon’s exposure to the power transmission infrastructure segment, alongside its existing infrastructure activities.
Important Point for Investors
Ashoka Buildcon has disclosed that the acquired SPV currently has nil turnover, which is consistent with the entity being a project-specific SPV incorporated in July 2025.
Therefore, the ₹3.06 crore acquisition price should not be interpreted as the value of the underlying transmission project. The company has disclosed the consideration paid for acquiring the SPV, while the regulatory filing does not provide the total project cost or expected revenue from the transmission project.
Investors should therefore watch subsequent disclosures for details regarding project cost, financing, construction progress, transmission assets, and commercial operation.
Ashoka Buildcon Sakoli Project: Key Takeaway
Ashoka Buildcon has completed the acquisition of 100% of Sakoli Power Transmission Limited, the SPV established to develop a 400/220/132 kV AIS Sakoli substation and associated transmission lines in Maharashtra.
The company paid ₹3.06 crore for the acquisition, including relevant expenses and liabilities. The SPV will operate as a wholly owned subsidiary of Ashoka Buildcon.
The project is being developed under the BOOT model, with commercial operation scheduled for 24 months from the date of SPV acquisition.
Source: Ashoka Buildcon Limited regulatory filing dated September 23, 2026
