12.10.26 – By NewsIP Bureau – Gujarat – Power Grid Corporation of India Limited has acquired Lakadia II Power Transmission Limited, taking full ownership of the project company on 12 October 2026. The acquisition follows POWERGRID’s selection as the successful bidder through tariff-based competitive bidding. The SPV is responsible for developing an interstate transmission system to integrate 7,500 MW of renewable energy projects in Lakadia REZ, Gujarat. The project will add transmission infrastructure in the state and support the planned connection of renewable generation to the wider power network.
Also Read: POWERGRID hands over Centre of Excellence at Chandigarh’s PEC
The planned works include a new 765/400 kV substation at Lakadia-II, alongside 765 kV transmission lines within Gujarat. Associated equipment and bays are also part of the development, as is the installation and commissioning of a synchronous condenser at the substation. Together, these components form the infrastructure for the interstate transmission scheme. The project is being developed on a build, own, operate and transfer basis, with Lakadia II Power Transmission Limited serving as the special purpose vehicle acquired by POWERGRID for its implementation.
Also Read: POWERGRID Board Approves New Fundraising Initiative
The company acquired 100% of the SPV for an aggregate value of about Rs. 18.43 crore. The consideration includes 50,000 equity shares priced at Rs. 10 each, as well as the company’s assets and liabilities on the acquisition date. The final consideration may be adjusted following an audit of the SPV’s accounts as of 12 October 2026. The acquisition was completed according to the timeline provided by REC Power Development and Consultancy Limited, the bid process coordinator.
Also Read: POWERGRID Reports 292 Sub-Stations and Over 186,889 ckm Transmission Lines in Operation
Lakadia II Power Transmission Limited was incorporated on 9 May 2026 and had not begun commercial operations, so it had no turnover for the preceding three years. The bid coordinator secured the approvals required to transfer the company. Following the acquisition, the SPV must obtain a transmission licence and approval of transmission charges from the Central Electricity Regulatory Commission. POWERGRID’s acquisition places the project vehicle under the control of a company whose core business is power transmission, as work toward the Gujarat infrastructure scheme proceeds.
