Power Grid Corporation of India Limited (Powergrid) has acquired MEL Power Transmission Limited (MPTL), a project-specific special purpose vehicle (SPV) established for the evacuation of power from Mahan Energen Limited generating station in Madhya Pradesh.
The acquisition was made under tariff based competitive bidding (TBCB), with Powergrid selected as the successful bidder by the bid process coordinator, PFC Consulting Limited. The project entails the establishment of a 400 kV direct current transmission line and associated bays at the Rewa PS (PG) substation in Madhya Pradesh, on a build, own, operate, transfer basis.
MPTL has been acquired for approximately Rs 85.3 million. The acquisition includes 10,000 equity shares at Rs 10 each, along with associated assets and liabilities, subject to adjustments based on audited accounts. Following the acquisition, Powergrid will hold 100 per cent equity in MPTL.