State-owned Power Grid Corporation of India Ltd (PGCIL) has acquired transmission project SATL, which will evacuate electricity from 8.1GW solar energy zones in Rajasthan.
Sikar-II Aligarh Transmission Ltd (SATL) was incorporated on May 17, 2020 and is yet to start commercial operation.
"PGCIL, pursuant to its selection as the successful bidder under Tariff based competitive bidding, has on 08.06.2021 acquired SATL," PGCIL said in a BSE filing.
SATL is a special purpose vehicle (SPV) to establish transmission system strengthening scheme for evacuation of power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II, on build, own, operate and maintain basis from the bid process coordinator - PFC Consulting.
The transmission system comprises establishment of a 765kV D/C transmission line, and substation extension works in Rajasthan and Uttar Pradesh. The project is to be completed in 18 months.
The entity was acquired for about Rs 21.56 crore including 10,000 equity shares at Rs 10 each along with assets and liabilities of the company as on the acquisition date.
However, the acquisition price is subject to adjustment as per the audited accounts of the company as on the acquisition date.
SATL shall be engaged in the business of transmission of power. It will be operating in India, it added.