Power Grid Corporation of India Ltd (PGCIL) has acquired “Bellary Davanagere Transmission Ltd” from bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL). This is PGCIL’s seventh formal acquisition of a project SPV corresponding to an interstate transmission system (ISTS) scheme, awarded under the tariff-based competitive bidding (TBCB) route, in FY26 so far.
Bellary Davanagere Transmission Ltd (BDTL) was incorporated on September 25, 2025 as a wholly-owned owned subsidiary of RECPDCL, to develop an ISTS-TBCB scheme referred to as “Transmission system strengthening for integration of additional RE potential at Davanagere (0.25 GW) and Bellary (2.75 GW).”
PGCIL had emerged winner for this ISTS scheme under the TBCB framework, having got the better of three other contenders – Adani Energy Solutions Ltd, Resonia Ltd and H.G. Infra Engineering Ltd. [Read tndindia.com story dated January 7, 2026 for more details.]
While details on the winning tariff are not yet officially available, it is estimated to be around Rs.130 crore per year.
The SPV was handed over by Saurabh Rastogi, CEO, RECPDCL to Pankaj Pandey, Executive Director – TBCB, Power Grid Corporation of India Ltd, in the presence of officials of PGCIL, RECPDCL and CTUIL, on February 12, 2026.
Project details
With an estimated cost of around Rs.1,100 crore and a gestation period of 24 months, this Karnataka-centric scheme aims to augment transformation capacity of the Davanagere pooling station (PS) by 2×1500 MVA, 765kV interconnecting transformers (ICTs). Similarly, the Bellary PS will also be enhanced by installing 6×500 MVA, 400/220kV ICTs. A 400kV double-circuit (quad) line running around 80 km will be put up between the two aforementioned pooling stations. This will be the second such line between Davanagere PS and Bellary PS. The project also involves putting up additional line bays at the two pooling stations.
In terms of addition of transmission infrastructure to the ISTS network, this project will contribute around 160 ckm of lines and 6 GVA of transformation capacity.
Seventh ISTS-TBCB acquisition
For PGCIL, this is the seventh formal acquisition of an ISTS-TBCB project during the current fiscal year so far (April 1, 2025 to February 12, 2026).
Before this, PGCIL acquired the following six project SPVs associated with ISTS schemes won under the TBCB route:
- MEL Power Transmission Ltd (June 2025)
- Davanagere Power Transmission Ltd (September 2025)
- Mandsaur I RE Transmission Ltd (October 2025)
- Vindhyachal Varanasi Transmission Ltd (October 2025)
- SR WR Power Transmission Ltd (October 2025)
- SR and ER Power Transmission Ltd (February 2026)
PGCIL has also been named as the winning developer for an ISTS-TBCB scheme housed under “Robertsganj Power Transmission Ltd,” dealing with evacuation of power from upcoming pumped storage projects in Sonbhadra district, Uttar Pradesh. Though PGCIL received the letter of intent from bid process coordinator RECPDCL on September 4, 2025, formal acquisition of the project SPV was pending as of February 12, 2026.
Besides, PGCIL also recorded a win in the intrastate transmission system (InSTS)-TBCB space. The Central PSU received the letter of intent for a 765kV intrastate scheme in Maharashtra housed under “NES Pune East New Transmission Ltd.” The letter of intent was issued to PGCIL on February 11, 2026 but the formal SPV acquisition is awaited.
Click here for an exclusive tndindia.com research report on the ISTS-TBCB market in 9MFY26
Also read: PGCIL set to enter intrastate-TBCB space in Maharashtra, named L1 bidder for 765kV Pune-East scheme