PGCIL formally acquires project SPV of India’s first pure SynCon project under TBCB
- August 29, 2026
Power Grid Corporation of India Ltd (PGCIL) has formally acquired the project SPV housing India’s first TBCB scheme purely involving installation of synchronous condensers.
In a regulatory filing, PGCIL said that the project SPV “Fatehgarh II Transmission Ltd” was formally acquired from bid process coordinator PFC Consulting Ltd, on August 28, 2026.
The project involves installation of two synchronous condenser (SynCon) units at the Fatehgarh-II pooling station in Rajasthan, along with associated bays.
Fatehgarh II Transmission Ltd was incorporated on May 6, 2026 as a wholly-owned subsidiary of PFCCL.
The Fatehgarh-II scheme under discussion has been extensively covered by tndindia.com. Please refer to the following links for a detailed chronology.
- October 2025: India’s first SynCon scheme under TBCB approved by NCT (Learn more)
- February 2026: Bidder selection process initiated (Learn more)
- May 2026: Project SPV incorporated (Learn more)
- July 2026: Four bidders shortlisted for opening of initial price bids (Learn more)
- July 2026: PGCIL gets letter of intent (Learn more)
- August 2026: PGCIL formally acquires project SPV (Current story)
Sixth acquisition by PGCIL
The Fatehgarh II project marks the sixth formal SPV acquisition of an ISTS-TBCB scheme by PGCIL during the current fiscal year FY27 so far (up to August 28, 2026), according to information available with tndindia.com. The list comprises:
- Powergrid Tumkur Madhugiri Transmission Ltd (May 2026)
- Kakinada I Transmission Ltd (June 2026)
- WR ER Part A Power Transmission Ltd (June 2026)
- Bhadla Ramgarh Power Transmission Ltd (July 2026)
- Krishnagiri REZ Transmission Ltd (August 2026)
- Fatehgarh II Transmission Ltd (August 2026)
Featured photograph (source: Siemens) is for representation only