H.G. Infra Acquires 100% Stake in Ranipur Chunar Power Transmission SPV for 35-Year UP Project
H.G. Infra Engineering Limited has completed the acquisition of 100% equity shares of Ranipur Chunar Power Transmission Limited, a special purpose vehicle (SPV) set up for a power transmission project in Uttar Pradesh.
The company executed a Share Purchase Agreement (SPA) with REC Power Development and Consultancy Limited on September 26, 2026, completing the acquisition required under the project’s Request for Proposal (RFP) and Letter of Intent.
The development marks another step in H.G. Infra’s expansion beyond its traditional infrastructure activities and deeper into the power transmission sector.
H.G. Infra Acquires 100% of Project SPV
H.G. Infra has acquired the entire equity share capital of Ranipur Chunar Power Transmission Limited.
The transaction involved the purchase of:
- 50,000 equity shares
- Face value: ₹10 per share
- Total acquisition cost: ₹5 lakh
- Stake acquired: 100%
- Consideration: Cash
The target company currently has no turnover, as it is a newly incorporated project SPV.
The acquisition is not a related-party transaction.
35-Year Power Transmission Project in Uttar Pradesh
The more significant part of the announcement is the project for which the SPV has been acquired.
Ranipur Chunar Power Transmission Limited will undertake the establishment of an Intra-State Transmission System in Uttar Pradesh.
The project includes:
- Construction of a 220/132/33 kV AIS Substation at Ranipur (Mau)
- Construction of a 220/132/33 kV AIS Substation at Chunar (Mirzapur)
- Associated transmission lines
The project is planned with a 35-year operating period.
This gives H.G. Infra a presence in a long-duration power transmission asset rather than a conventional short-cycle construction contract alone.
Why the Acquisition Matters
H.G. Infra stated that the target’s business is aligned with its infrastructure operations and supports its strategic objective of expanding into the power transmission sector.
The company has traditionally been associated with road and infrastructure projects.
The addition of a power transmission SPV provides another avenue for growth and diversification.
The acquisition price itself is only ₹5 lakh because the SPV is essentially a project vehicle. The economic importance of the transaction therefore lies in the underlying transmission project rather than the value of the shares purchased from REC Power Development and Consultancy.
Newly Incorporated SPV
Ranipur Chunar Power Transmission Limited was incorporated in India on December 12, 2025, and is registered with the Registrar of Companies, NCT of Delhi-I.
The company has:
- Authorised share capital of ₹5 lakh
- Paid-up share capital of ₹5 lakh
- Nil turnover over the last three years
The absence of turnover is expected given that the entity is a project-specific SPV.
Transaction Completed
Unlike an announcement merely stating that an acquisition is proposed, H.G. Infra has confirmed that the transaction was completed on September 26, 2026.
The SPA was executed with REC Power Development and Consultancy Limited at approximately 11:30 a.m. IST on September 26.
The company has therefore moved from the project-award/LOI stage to ownership of the project SPV.
What Investors Should Watch
The next important developments will be related to the actual execution of the transmission project.
Investors should track:
- Project execution progress
- Construction of the two substations
- Associated transmission-line development
- Project commissioning timelines
- Funding and capital requirements
- Revenue generation from the transmission asset
- Further power-transmission opportunities secured by H.G. Infra
The key point is that the acquisition itself does not immediately add ₹5 lakh of revenue or earnings. The financial impact will come from the underlying transmission project as it is developed and eventually becomes operational.
FutureSense India View
This is worth tracking as a business diversification development for H.G. Infra.
The ₹5 lakh acquisition cost can be misleading if viewed in isolation. Ranipur Chunar Power Transmission is a project SPV, and the real significance is that H.G. Infra has acquired 100% ownership of the vehicle responsible for a 35-year intra-state transmission project in Uttar Pradesh.
For investors, the focus should now shift from the SPV acquisition to project execution, capex, commissioning and the eventual contribution of the transmission business to H.G. Infra’s overall infrastructure portfolio.
Source: H.G. Infra Engineering Limited exchange filing dated September 26, 2026.
Disclaimer: This article is for informational purposes only and should not be considered investment advice. Investors should independently evaluate company disclosures, financials, project economics and risks before making any investment decision.
