Power Grid Corporation of India Ltd (PGCIL) has won the Bellary-Davanagere interstate transmission system (ISTS) scheme in Karnataka, under the tariff-based competitive bidding (TBCB) mechanism.
In a brief stock exchange filing, PGCIL said that on January 8, 2026, it received the letter of intent dated January 7, 2026 from the bid process coordinator.
The interstate scheme “Transmission system strengthening for integration of additional RE potential at Davanagere (0.25 GW) and Bellary (2.75 GW)” will be developed on build, own, operate & transfer (BOOT) basis, the filing said, adding that the project entails development of 400kV double-circuit lines across Karnataka, along with associated line bays at both ends— Davanagere and Bellary. The project also includes augmentation works at both the Davanagere and Bellary pooling stations.
As exclusively reported by tndindia.com on January 7, 2026, PGCIL was in the race for the project alongside three other bidders including Adani Energy Solutions Ltd, Resonia Ltd and H.G. Infra Engineering Ltd. Details on PGCIL’s winning tariff are awaited.
Bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL) is expected to transfer the project SPV “Bellary Davanagere Power Transmission Ltd” to PGCIL in due course. The project SPV was incorporated as a wholly-owned subsidiary of RECPDCL on September 25, 2025.
PGCIL’s FY26 record
PGCIL is set to emerge as the leader in terms of number of ISTS schemes won under the TBCB modality during FY26 (April 1, 2025 to March 31, 2026).
As of January 8, 2026, PGCIL took over five ISTS-TBCB projects, implying that the project SPV was formally acquired from the respective bid process coordinator.
Besides, PGCIL has received the letter of intent for three ISTS-TBCB schemes, including Bellary-Davanagere discussed in this story, for which the formal SPV acquisition is pending.
Here is PGCIL’s ISTS-TBCB win record for FY26 so far:
As discussed in an exclusive report by tndindia.com, the ISTS-TBCB market in 9MFY26 (April 1, 2025 to December 31, 2025) saw the formal award of 12 schemes distributed amongst seven bidders that included two debutants. [Read full report]
In FY25, PGCIL had formally acquired 29 of the 45 ISTS schemes awarded under the TBCB framework. [Full report]
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