Power Grid Corporation of India Ltd (PGCIL) has formally acquired project special purpose vehicle “Mandsaur I RE Transmission Ltd” from bid process coordinator PFC Consulting Ltd (PFCCL).
PGCIL won the project under the tariff-based competitive bidding (TBCB) route and the project SPV was formally acquired on October 8, 2025. The project SPV was incoporporated as PFCCL’s wholly-owned subsidiary in April 2025.
As reported by tndindia.com on September 20, 2025, PGCIL was issued the letter of intent by PFCCL for the said project, on September 19, 2025.
PGCIL was in the fray with two other contenders – KCC Buildcon Pvt Ltd and Techno Electric & Engineering Company Ltd – for the project. It is reliably learnt that PGCIL’s winning tariff (annual transmission charges) was Rs.446.99 million.
Project outline
Estimated to cost Rs.319 crore (as per National Committee on Transmission, NCT) and with a completion timeframe of 18 months, this ISTS scheme involves augmentation works at the under-construction Mandsaur pooling substation in Madhya Pradesh.
Incidentally, the Mandsaur PS is being developed by another TBCB subsidiary of PGCIL, “Powergrid Mandsaur Transmission Ltd.” Further, the completion of the newly-awarded Mandsaur scheme is linked to that of the 765kV double-circuit Mandsaur-Khandwa transmission line envisaged under yet another ISTS-TBCB scheme being developed by “Powergrid Sirohi Khandwa Transmission Ltd,” a TBCB subsidiary of PGCIL.
Third SPV transfer and sixth win
For PGCIL, the newly-acquired Mandsaur I RE Transmission Ltd represents the third formal acquisition of an ISTS-TBCB scheme in FY26 so far. In June 2025, PGCIL acquired “MEL Power Transmission Ltd” (later renamed to “Powergrid Mahan Rewa Transmission Ltd”), followed by “Davanagere Power Transmission Ltd” in September 2025.
PGCIL, as of October 9, 2025, was issued the letter of intent for the following three ISTS-TBCB schemes for which the formal SPV transfer is pending:
- Robertsganj Power Transmission Ltd
- Vindhyachal Varanasi Transmission Ltd
- SR WR Power Transmission Ltd
Each of these three LoIs were issued to PGCIL during September 2025.
Schemes pending transfer
Based on information available with tndindia.com, there are currently two more ISTS-TBCB schemes for which the letter of intent has been issued but where the project SPV transfer is pending. These schemes, won by entities other than PGCIL are:
- Kandla GHA Transmission Ltd (LoI issued to Reliance Industries Ltd)
- Ananthapuram II Power Transmission Ltd (LoI issued to Shivalaya Construction Ltd)
Also read: PGCIL seeks licence for two erstwhile TBCB schemes, now under RTM
Featured photography courtesy: PGCIL