Power Grid Corporation of India Acquires Chitradurga Bellary REZ Transmission Limited (CBRTL)
Power Grid Corporation of India Limited (POWERGRID) has successfully acquired Chitradurga Bellary REZ Transmission Limited (CBRTL). The acquisition, finalized on March 21, 2025, was carried out through the Tariff Based Competitive Bidding (TBCB) route, with POWERGRID emerging as the successful bidder.
Purpose of the Acquisition
The acquisition aims to facilitate the development of the Transmission Scheme for the integration of Davanagere/Chitradurga REZ and Bellary REZ in Karnataka. The project will be executed on a Build, Own, Operate, and Transfer (BOOT) basis under the guidance of PFC Consulting Limited (PFCCL), the Bid Process Coordinator.
Scope of the Project
The transmission project will include:
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Establishment of 765/400/220kV pooling sub-stations near Davanagere/Chitradurga and 400/220kV sub-stations near Bellary.
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Construction of 765kV & 400kV Double Circuit (D/C) Transmission Lines.
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Upgrades to existing sub-stations and transmission lines.
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Implementation of power transmission infrastructure across Karnataka.
Industry and Regulatory Aspects
CBRTL operates within the power transmission industry, aligning with POWERGRID’s core business. Prior to the acquisition, POWERGRID had no related party interest in CBRTL.
Regarding regulatory approvals, CBRTL was incorporated on June 28, 2024, by the Bid Process Coordinator under guidelines from the Ministry of Power. While PFCCL secured the necessary approvals for the transfer, further approvals for the Grant of Transmission License and Adoption of Transmission Charges from the Central Electricity Regulatory Commission (CERC) are still required.
Financials of the Acquisition
The acquisition was completed as per the prescribed timeline set by the Bid Process Coordinator. POWERGRID acquired 100% shareholding and control of CBRTL for approximately Rs. 19.71 Crore. This consideration was paid in cash and included:
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10,000 equity shares at a par value of Rs. 10 each.
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Assets and liabilities of CBRTL as of the acquisition date.
The final acquisition price remains subject to adjustments based on CBRTL’s audited financials at the time of acquisition.
Future of CBRTL
Following the acquisition, CBRTL will operate under POWERGRID’s umbrella, focusing on power transmission. As CBRTL had not commenced commercial operations prior to the acquisition, it currently has no recorded turnover in the last three years. Moving forward, the company will play a crucial role in strengthening Karnataka’s power transmission network.
With this acquisition, POWERGRID reinforces its commitment to enhancing India’s energy infrastructure, ensuring reliable and efficient power transmission across regions.
