India Grid Trust (IndiGrid), in a stock exchange filing, said that a consortium of two of its wholly-owned subsidiaries has completed the acquisition of “Kallam Transmission Ltd” from REC Power Development & Consultancy Ltd.
A consortium of IndiGrid 1 Ltd and IndiGrid 2 Ltd, both wholly-owned subsidiaries of IndiGrid, earlier this month, had received the letter of intent establish a transmission system for evacuation of power from renewable energy projects in Osmanabad area in Maharashtra.
The letter of intent was awarded by REC Power Development & Consultancy Ltd (a wholly-owned subsidiary of REC Ltd), the bid process coordinator for the project.
The IndiGrid consortium won the transmission project, to be developed by Kallam Transmission Ltd, under the tariff-based competitive bidding (TBCB) mechanism.
“The consortium has acquired 100 per cent paid-up equity share capital and management control of Kallam,” IndiGrid said in the filing.
Also read: ReNew Power Wins TBCB Transmission Scheme In Karnataka
Kallam Transmission Ltd was incorporated on May 28, 2020, as a wholly-owned subsidiary of REC Power Development & Consultancy Ltd, for the development of a new 400/220kV substation at Kallam and 400kV multi-circuit transmission Line works in the state of Maharashtra.
