State-run Power Grid Corporation on Tuesday said it has acquired Ramgarh New Transmission Ltd., which it has won in tariff-based competitive bidding.

Power Grid Corporation of India, pursuant to its selection as the successful bidder under tariff-based competitive bidding, has on March 9, 2021, acquired Ramgarh New Transmission Ltd, the Project special purpose vehicle to establish a transmission system strengthening scheme for the evacuation of power from solar energy zones in Rajasthan (9.1 GW), a BSE filing said.

The entity was acquired for an aggregate value of about Rs 5.61 crore including 50,000 equity shares at Rs 10 each along with assets and liabilities of the company as the acquisition price is subject t adjustment as per the audited accounts as on the date of acquisition.

Now the Power Grid Corporation owns 100% equity in the Ramgarh New Transmission Ltd., It shall be engaged in the business of transmission of power. The transmission system comprises the establishment of a new 400/220kV substation, 400kV DIC Transmission lines, and associated substation extension works in Rajasthan. The transmission system is an Inter-State Transmission System Project and is to be completed in 18 months.