15 Oct 2026 | Place: New Delhi | By-: Newsip Desk :Power Grid Corporation of India Limited (POWERGRID) has acquired Jam Khambhaliya REZ Transmission Limited, a project special purpose vehicle (SPV), after emerging as the successful bidder under the tariff-based competitive bidding process. The acquisition was completed on 12 October 2026 from PFC Consulting Limited, the Bid Process Coordinator.
The SPV will develop an interstate transmission system to integrate power from renewable energy projects in Gujarat’s Jam Khambhaliya Renewable Energy Zone (REZ)—Phase II, with 5,500 MW of capacity, and Jamnagar Phase I, with 1,000 MW. The project will be developed on a build, own, operate and transfer (BOOT) basis.
The planned infrastructure includes a new gas-insulated switchgear (GIS) substation at Kalyanpur, Gujarat, along with transformer augmentation and bay extension works at substations under construction in the state. The scope also includes 765 kV transmission lines traversing Gujarat.
The acquisition was for an aggregate value of approximately ₹19.22 crore. This includes 10,000 equity shares acquired at ₹10 each, together with the SPV’s assets and liabilities as of 12 October 2026. The final price is subject to adjustment based on the company’s audited accounts as at the acquisition date. POWERGRID acquired 100% of the shareholding, with cash as the consideration.
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Jam Khambhaliya REZ Transmission Limited was incorporated on 29 April 2026 by PFCCL under the Ministry of Power’s transmission project and tariff-based competitive bidding guidelines. The SPV has not yet commenced commercial operations and has recorded no turnover during the past three years. The company is engaged in the power transmission sector, in line with POWERGRID’s core business.
PFCCL obtained the requisite approvals for transferring the SPV. Following the acquisition, Jam Khambhaliya REZ Transmission Limited is to seek a transmission licence and approval for adoption of transmission charges from the Central Electricity Regulatory Commission (CERC). POWERGRID said the acquisition was completed in accordance with the timelines provided by the Bid Process Coordinator. It stated that it had no prior interest in the target entity in relation to a related-party transaction.
