Jaipur: Power Grid Corporation of India Ltd (POWERGRID) has acquired Rajasthan IV E Power Transmission Ltd (RIVEPTL) for ₹18.54 crore. This acquisition follows POWERGRID's success in a Tariff-Based Competitive Bidding process.
 

The acquisition involves a build, own, operate, and transfer (BOOT) agreement. The project includes the establishment of a new 765 kV sub-station at Rishabhdeo in Rajasthan, the construction of 765 kV D/C transmission lines, and the extension of associated bays at existing substations in Rajasthan and Madhya Pradesh, as detailed in a BSE filing.
 

RIVEPTL, a Special Purpose Vehicle (SPV) incorporated on October 14, 2023, by REC Power Development and Consultancy Limited (REC PDCL), was specifically created for this project. The entity was acquired for ₹18.54 crore, which includes 50,000 equity shares at ₹10 each, along with the company's assets and liabilities as of the acquisition date, August 19, 2024.
 

Following the acquisition, RIVEPTL will seek regulatory approvals from the Central Electricity Regulatory Commission (CERC) for a transmission licence and the adoption of transmission charges. /BI