On November 11, 2024, Power Grid Corporation of India Limited (POWERGRID) acquired two special purpose vehicles (SPVs): Bikaner A Power Transmission Limited (BAPTL) and Bikaner B Power Transmission Limited (BBPTL). These acquisitions were achieved through successful bids by POWERGRID under the Tariff Based Competitive Bidding (TBCB) process.
Acquisition Highlights:
- Objective: The acquisitions aim to establish transmission systems to evacuate power from the Rajasthan Renewable Energy Zone Phase IV (Part-3: 6 GW) in the Bikaner complex.
- Acquisition Method: POWERGRID acquired 100% ownership in both BAPTL and BBPTL through cash consideration.
- Cost: Each SPV was acquired at an approximate cost of Rs. 18.47 crore. This includes 50,000 equity shares at a par value of Rs. 10 each, along with existing assets and liabilities as of the acquisition date. The final cost may be adjusted based on each SPV’s audited accounts.
- Business Focus: BAPTL and BBPTL are engaged in power transmission, aligned with POWERGRID’s core business. Neither entity had begun commercial operations or generated any turnover before the acquisition.
- Regulatory Approvals: BAPTL and BBPTL were incorporated by the Bid Process Coordinator, REC Power Development and Consultancy Limited (RECPDCL). All necessary approvals from the Ministry of Power (MoP) were obtained for the transfer. However, approvals for the Transmission Licenses and Transmission Charge adoption from the Central Electricity Regulatory Commission are pending and will be pursued by the SPVs post-acquisition.
Project Scope for BAPTL:
- Establishment of a new 765/400/220kV Bikaner IV Pooling substation, equipped with STATCOM and other equipment.
- 765kV double-circuit (D/C) transmission line across Rajasthan and Haryana.
- Various 400kV D/C transmission lines across Rajasthan, Punjab, and Haryana.
- Bay extension works at existing substations in Haryana and Punjab.
Project Scope for BBPTL:
- Establishment of a new 765/400kV Siwani substation, also equipped with STATCOM and other equipment.
- 765kV D/C transmission line across Rajasthan and Haryana.
- Various 400kV D/C transmission lines across Haryana.
- Bay extension works at existing substations in Rajasthan and Haryana.
These acquisitions are a strategic step by POWERGRID to support India’s renewable energy infrastructure, specifically in the Bikaner region.
