Reliance Industries has announced that it will no longer proceed with the acquisition of 100% equity stake in Kandla GHA Transmission Limited (KGTL) after the existing bidding process was annulled by PFC Consulting Limited (PFC).
The company informed exchanges that it received a letter from PFC dated May 6, 2026, notifying the annulment of the bidding process related to KGTL. As a result, Reliance Industries will not acquire any stake in the transmission project company.
Earlier, on April 25, 2025, the board of Reliance Industries had approved the acquisition of KGTL for an aggregate consideration not exceeding ₹20 crore, in line with the terms of the tender awarded to the company.
According to the latest disclosure, the communication from PFC was received by Reliance Industries on May 6, 2026, at 3:08 PM IST.
The development marks the cancellation of the previously proposed transmission asset acquisition by Reliance Industries in the power infrastructure segment.