In one of the largest corporate rationalization exercises within India’s power transmission sector, the Ministry of Corporate Affairs (MCA) has officially sanctioned the merger of 28 wholly owned transmission subsidiary companies (SPVs) of Power Grid Corporation of India Limited (POWERGRID) into two anchor subsidiary entities.
The confirmation orders were issued by the Regional Director (Northern Region Directorate I), Ministry of Corporate Affairs, under Section 233 of the Companies Act, 2013, via two separate orders-Sec 233/AC5797011/RD Delhi and Sec 233/AC5816474/RD Delhi-dated November 2, 2026. POWERGRID notified the stock exchanges on November 3, 2026, confirming that both amalgamation schemes took effect on November 2, 2026.
Structural Consolidation Framework
The consolidation supersedes POWERGRID’s preliminary internal restructuring plan approved in late 2025 and implements the expanded framework ratified by the Board of Directors on March 19, 2026.
The 28 project-specific Special Purpose Vehicles (SPVs)-originally incorporated or acquired through Tariff-Based Competitive Bidding (TBCB) to execute and operate Inter-State Transmission System (ISTS) projects-have been consolidated under two key operating subsidiaries:
Scheme / Group-C: Amalgamation into POWERGRID Ghiror Transmission Limited
Under confirmation order Sec 233/AC5797011/RD Delhi, a total of 17 transferor subsidiaries have been merged into
POWERGRID Ghiror Transmission Limited:
1.POWERGRID Barmer I Transmission Limited
2.POWERGRID Bikaner IV Transmission Limited
3.POWERGRID Siwani Transmission Limited
4.POWERGRID Fatehgarh Barmer Augmentation Transmission Limited
5.POWERGRID Ramgarh Transmission Limited
6.POWERGRID Bhadla Transmission Limited
7.POWERGRID Fatehgarh Transmission Limited
8.POWERGRID Bikaner Transmission System Limited
9.POWERGRID Narela Transmission Limited
10.POWERGRID Khetri Transmission System Limited
11.POWERGRID Ajmer Phagi Transmission Limited
12.POWERGRID Varanasi Transmission System Limited
13.POWERGRID Neemuch Transmission System Limited
14.POWERGRID Mithilanchal Transmission Limited
15.POWERGRID Medinipur Jeerat Transmission Limited
16POWERGRID Mahan Rewa Transmission Limited
- POWERGRID Kudankulam Transmission Limited
Scheme / Group-D: Amalgamation into POWERGRID South Olpad Transmission Limited
Under confirmation order Sec 233/AC5816474/RD Delhi, 11 transferor subsidiaries have been merged into POWERGRID South Olpad Transmission Limited:
1.POWERGRID Sirohi Transmission Limited
2.POWERGRID Mandsaur Transmission Limited
3.POWERGRID Mewar Transmission Limited
4.POWERGRID Beawar-Mandsaur Transmission Limited
5.POWERGRID Kurawar Transmission Limited
6.POWERGRID Sirohi Khandwa Transmission Limited
7.POWERGRID ER NER Transmission Limited
8.POWERGRID Chitradurga Bellary Transmission Limited
9.POWERGRID Kurnool-III CPETA Transmission Limited
10.POWERGRID Jam Khambhaliya Transmission Limited
11.POWERGRID Banaskantha Augmentation Transmission Limited
Driving Operational and Administrative Efficiencies
Historically, ISTS concession guidelines mandated separate SPVs for every competitive bid package to ring-fence project financials during development and construction. However, maintaining dozens of operational SPVs post-commissioning led to duplicated corporate governance, distinct secretarial and audit filings, and fragmented accounting processes across identical transmission corridors.
By restructuring the 28 subsidiaries into two consolidated entities, the Maharatna central transmission utility eliminates legal overheads, streamlines regulatory accounting before the Central Electricity Regulatory Commission (CERC), and centralizes operational and maintenance (O&M) management across regional grids.