Shivalaya Construction acquires project SPV of ERES-47 interstate-TBCB scheme
- October 17, 2026
Shivalaya Construction Ltd formally acquired “Nawada Durgapur Power Transmission Ltd” from bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL) on October 16, 2026.
The project SPV houses an interstate transmission system (ISTS) scheme termed as “Eastern Region Expansion Scheme (ERES)—47; Nawada-Durgapur-Jeerat (New) 765kV Corridor” that Shivalaya Construction won under the tariff-based competitive bidding (TBCB) mechanism.
As exclusively reported by tndindia.com on September 15, 2026, Shivalaya was set to win the scheme after having emerged L1 bidder in a contest that had six other contenders qualifying for opening of initial price bids.
Shivalaya won the scheme with a transmission charges (tariff) quote of Rs.5857 million per year. It is believed that there were no rounds of bidding in the e-reverse auction (e-RA) routine, resulting in the winner’s initial price offer becoming the final bid. The L2 bid, at the end of the e-RA, was Rs.7,200 million, almost 23 per cent higher than the L1 bid. RECPDCL issued the letter of intent to Shivalaya on September 30, 2026.
The project
With an estimated cost of Rs.5,270 crore and with envisaged completion by March 2029, the ERES-47 scheme involves developing a new 765kV corridor connecting the Nawada substation in Bihar, and the Durgapur and Jeerat (New) substations in West Bengal.
This proposed Nawada-Durgapur-Jeerat (New) 765kV corridor, in conjunction with the existing Ranchi (New)-Medinipur-Jeerat (New) 765kV corridor is meant to create a 765kV ring in the eastern region (ER) grid. (Learn more)
Second ISTS-TBCB scheme
For Shivalaya Construction Ltd, the Nawada-Durgapur acquisition is the second of an ISTS-TBCB scheme after “Ananthapuram II Power Transmission Ltd,” on October 17, 2026 – exactly a year ago.
All ISTS-TBCB SPVs transferred
According to information available with tndindia.com, all ISTS-TBCB schemes for which letters of intent have been issued so far (up to October 16, 2026) have transferred to their successful developers. The only exception is “Robertsganj Power Transmission Ltd” – an interstate scheme to evacuate power from pumped storage projects in Uttar Pradesh. The letter of intent for this scheme was issued to PGCIL in September 2025 but the SPV transfer is awaiting Forest Clearance – Stage I from the Union ministry of environment, forest and climate change (MoEFCC).
The Robertsganj scheme entails development of the greenfield 765/400kV, 3×1500 MVA Robertsganj pooling station in Sonbhadra district, Uttar Pradesh, and associated infrastructure. It is scheduled to complete in 30 months from the SPV transfer date.
Currently, there are ten ISTS-TBCB schemes under bidder selection, and another two where bidding has yet to begin.
ISTS-TBCB in H1FY27
As discussed in tndindia.com’s exclusive ISTS-TBCB market report for H1FY27, PGCIL was the leading developer with 10 wins and a tariff-based market share of over 60 per cent. (Read full report)
Featured photograph (source: Shivalaya Construction Ltd) shows the formal transfer of “Nawada Durgapur Power Transmission Ltd” from RECPDCL to Shivalaya Construction Ltd, on October 16, 2026.