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New Delhi: State-run Power Grid Corporation of India Ltd (PGCIL) has taken over two special purpose vehicles (SPVs)—Fatehgarh Bhadla Transco Ltd and Sikar New Transmission Ltd—that it had won in competitive bidding conducted by REC Power Distribution Company Ltd.

PGCIL is the first state-owned company to offer an infrastructure investment trust (InvIT) as part of the government’s brownfield asset monetization strategy, and has plans to bring in another 18 projects involving an investment of 22,500 crore under its InvIT.

“The selection of M/s Power Grid Corporation of India Limited was carried out through tariff-based competitive bidding (TBCB) for selection of transmission developers in line with standard bidding documents and guidelines," the Union power ministry said in a statement on Saturday.

PGCIL’s transmission network has 169,829 circuit km of transmission lines, 257 substations and 105 gigawatts (GW) of inter-regional electricity transmission capacity.

The state-run firm is no longer the central transmission utility (CTU) with the sole right to build transmission projects in the country. This has opened up new business opportunities for PGCIL. Power generation, power distribution, electric mobility, and green hydrogen are some of the areas that the company is currently exploring.

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