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PGCIL Acquires Ramgarh New Transmission

The Power Grid Corporation of India (PGCIL) has acquired Ramgarh New Transmission (RNTL). PGCIL emerged as successful bidder for RNTL through tariff-based competitive bidding process (TBCB).

 

Ramgarh New Transmission, a special purpose vehicle (SPY) and a wholly-owned subsidiary of REC Power Distribution Company (RECPDCL), which is a wholly-owned subsidiary of REC, was incorporated for the purpose of transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II-Part A.

 

Accordingly, after receipt of consideration comprising professional fee for bid process coordination and reimbursement of expenditure incurred on the project by RECPDCL, interest cost, etc, the entire shareholding of RNTL, comprising 50,000 equity shares, presently held by RECPDCL, has been transferred at par value along with all its assets and liabilities on 9 March 2021 to PGCIL. RNTL is now not subsidiary of RECPDCL & REC.

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