Latest news with #TariffBasedCompetitiveBidding
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Business Standard
05-06-2025
- Business
- Business Standard
PowerGrid stock gains 2% after acquiring MEL Power Transmission for ₹8.5 cr
PowerGrid share price today: Shares of Power Grid Corporation of India jumped over 2 per cent to hit an intraday high of ₹295.25 after the company announced the acquisition of MEL Power Transmission (MPTL), a project-specific special purpose vehicle (SPV), under the Tariff Based Competitive Bidding (TBCB) route. At 3 PM on Thursday, PowerGrid's stock was quoting at ₹294.55, up 2 per cent compared to previous day's close of ₹28.55 on the National Stock Exchange (NSE). In comparison, the benchmark Nifty50 index was trading at 24,72.6, up 107.4 points or 0.44 per cent. The stock has recovered nearly 20 per cent from its 52-week low of ₹247.3 touched on February 28, 2025. The company's total market capitalisation stood at ₹2.73 trillion. According to the exchange filing, the company acquired a 100 per cent equity stake in MPTL for a total consideration of around ₹8.53 crore. "The SPV was established for the implementation of the 'Transmission System for evacuation of power from Mahan Energen Limited Generating Station in Madhya Pradesh' on a build, own, operate, and transfer (BOOT) basis," it added. The project comprises the development of a 400kV double-circuit (D/C) transmission line and associated bays at the existing Rewa PS (PG) substation in the state of Madhya Pradesh. The acquisition cost also includes the assets and liabilities of MPTL as of the acquisition date. However, the final purchase consideration remains subject to adjustment based on MPTL's audited financials, as per the filing. About Power Grid Corporation of India PowerGrid is mainly engaged in the power transmission business through its EHVAC/HVDC transmission network. The company has diversified into the telecom business by leveraging its pan-India transmission network through the stringing of optical ground wire(OPGW). The state-owned company also provides consultancy services to domestic and international clients by leveraging its capability and experience in the field of power transmission, sub-transmission, distribution management, load dispatch & communication etc. Incorporated in October 1999, Power Grid is a Schedule A 'Maharatna' public sector enterprise (PSE). The government of India owns a 51.34 per cent stake in the company and the remaining is held by institutional investors and the public.
Mint
04-06-2025
- Business
- Mint
REC board approves raising ₹1.55 lakh crore via bonds
Rural Electrification Corporation (REC), a state-owned firm, informed investors through an exchange filing today that its Board of Directors has approved a proposal to raise funds through the private placement of unsecured/secured non-convertible bonds/debentures of up to ₹ 1,55,000 crore, subject to shareholders' approval at the ensuing Annual General Meeting. The company said the funds will be raised in one or more tranches over a period of one year from the date of the shareholders' resolution, with the approval of the competent authority. In addition to approving the fundraising plan, the board also approved a proposal to strike off an SPV, namely Rajgarh II Power Transmission Limited, a wholly owned subsidiary of REC Power Development and Consultancy Limited (RECPDCL), which is itself a wholly owned subsidiary of REC, subject to requisite clearances, concurrences, or approvals from statutory/administrative authorities, wherever required. REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC, had set up a special purpose vehicle (SPV) named Rajgarh III Power Transmission Limited to implement the 'Transmission System for Evacuation of Power from RE Projects in Rajgarh (1500 MW) SEZ in Madhya Pradesh – Phase III,' as recommended by the National Committee on Transmission (NCT). The SPV was formed under the Tariff Based Competitive Bidding (TBCB) guidelines to carry out the bidding process. However, the company said that NCT later recommended clubbing the Rajgarh Phase III project with another transmission project. Following this, the Ministry of Power de-notified the Rajgarh Phase III project via a notification dated March 18, 2025. As a result, since the SPV no longer has any operational purpose, RECPDCL has proposed to strike off Rajgarh III Power Transmission Limited. The company's shares have continued to remain under pressure for the past 10 months, losing 38% of their value, falling from ₹ 644 apiece to the current level of ₹ 400. Between March 2023 and July 2024, however, the stock witnessed a one-way rally without any pullback, delivering a massive return of 465% to shareholders. For the quarter ended March, the company reported a 5.6% year-on-year (YoY) increase in its consolidated net profit at ₹ 4,309 crore, while net interest income (NII) rose 38% YoY to ₹ 5,877 crore, compared to ₹ 4,273 crore in the corresponding quarter of the previous fiscal.
Mint
04-06-2025
- Business
- Mint
REC board approves raising ₹1.55 lakh crore via bonds
Rural Electrification Corporation (REC), a state-owned firm, informed investors through an exchange filing today that its Board of Directors has approved a proposal to raise funds through the private placement of unsecured/secured non-convertible bonds/debentures of up to ₹ 1,55,000 crore, subject to shareholders' approval at the ensuing Annual General Meeting. The company said the funds will be raised in one or more tranches over a period of one year from the date of the shareholders' resolution, with the approval of the competent authority. In addition to approving the fundraising plan, the board also approved a proposal to strike off an SPV, namely Rajgarh II Power Transmission Limited, a wholly owned subsidiary of REC Power Development and Consultancy Limited (RECPDCL), which is itself a wholly owned subsidiary of REC, subject to requisite clearances, concurrences, or approvals from statutory/administrative authorities, wherever required. REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC, had set up a special purpose vehicle (SPV) named Rajgarh III Power Transmission Limited to implement the 'Transmission System for Evacuation of Power from RE Projects in Rajgarh (1500 MW) SEZ in Madhya Pradesh – Phase III,' as recommended by the National Committee on Transmission (NCT). The SPV was formed under the Tariff Based Competitive Bidding (TBCB) guidelines to carry out the bidding process. However, the company said that NCT later recommended clubbing the Rajgarh Phase III project with another transmission project. Following this, the Ministry of Power de-notified the Rajgarh Phase III project via a notification dated March 18, 2025. As a result, since the SPV no longer has any operational purpose, RECPDCL has proposed to strike off Rajgarh III Power Transmission Limited. The company's shares have continued to remain under pressure for the past 10 months, losing 38% of their value, falling from ₹ 644 apiece to the current level of ₹ 400. Between March 2023 and July 2024, however, the stock witnessed a one-way rally without any pullback, delivering a massive return of 465% to shareholders. For the quarter ended March, the company reported a 5.6% year-on-year (YoY) increase in its consolidated net profit at ₹ 4,309 crore, while net interest income (NII) rose 38% YoY to ₹ 5,877 crore, compared to ₹ 4,273 crore in the corresponding quarter of the previous fiscal. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Mint
30-05-2025
- Business
- Mint
Adani Energy Solutions bags ₹1,600-crore transmission project, order book swells to ₹61,600 crore
Adani Energy Solutions Ltd (AESL) on Friday said it has secured an inter state transmission project in Maharashtra worth ₹ 1,600 crore. With this, its transmission order book now stands at ₹ 61,600 crore, the company said in a statement. The scope of the latest secured project includes establishment of 3,000 Mega Volt-Amperes (MVA) of substations capacity, besides other related transmission infrastructure, taking AESL's overall transmission network to 26,696 ckm and 93,236 MVA of transformation capacity. AESL is scheduled to commission the project by January 2028. The company said it has won this Inter State Transmission System (ISTS) project under the Tariff Based Competitive Bidding (TBCB) mechanism, while REC Power Development and Consultancy Ltd (RECPDCL) was the bid process coordinator.
Mint
30-05-2025
- Business
- Mint
Adani Energy Solutions bags ₹1,600-crore transmission project, order book swells to ₹61,600 crore
Adani Energy Solutions Ltd (AESL) on Friday said it has secured an inter state transmission project in Maharashtra worth ₹ 1,600 crore. With this, its transmission order book now stands at ₹ 61,600 crore, the company said in a statement. The scope of the latest secured project includes establishment of 3,000 Mega Volt-Amperes (MVA) of substations capacity, besides other related transmission infrastructure, taking AESL's overall transmission network to 26,696 ckm and 93,236 MVA of transformation capacity. AESL is scheduled to commission the project by January 2028. The company said it has won this Inter State Transmission System (ISTS) project under the Tariff Based Competitive Bidding (TBCB) mechanism, while REC Power Development and Consultancy Ltd (RECPDCL) was the bid process coordinator. AESL, part of the Adani portfolio, is a multi-dimensional organisation with a presence in various facets of the energy domain, like power transmission, distribution, smart metering, and cooling solutions.
