Power Grid Corporation of India Limited (POWERGRID) has successfully acquired Khavda V-A Power Transmission Limited (KVAPTL) under the Tariff-Based Competitive Bidding (TBCB) route. The acquisition was finalized on November 19, 2024, after POWERGRID emerged as the successful bidder.
KVAPTL, a newly established project special purpose vehicle (SPV), was set up for the development of the transmission system for evacuating power from the potential renewable energy zone in Khavda, Gujarat, under Phase-V (8 GW). The project involves the establishment of 6000 MW, ±800 kV HVDC terminal stations at KPS2 (Gujarat) and Nagpur (Maharashtra), and a ±800 kV HVDC KPS2-Nagpur Bipole line that will traverse approximately 1200 km across Gujarat and Maharashtra.
The acquisition was completed with an aggregate value of about ₹18.95 Crore, including 50,000 equity shares at par (₹10 each) along with the assets and liabilities of the company. The acquisition is subject to adjustments based on the audited accounts of the company as on the acquisition date.
This acquisition marks a significant step in POWERGRID’s continued expansion in the power transmission sector, particularly in the development of infrastructure for renewable energy. KVAPTL was incorporated in October 2023 and has yet to commence commercial operations.
