Power Grid Corporation of India Ltd (PGCIL) has formally acquired “SR and ER Power Transmission Ltd,” a project SPV housing an interstate transmission scheme (ISTS) that PGCIL won under the tariff-based competitive bidding (TBCB) route, from PFC Consulting Ltd.
In a regulatory disclosure, PGCIL said that the acquisition was completed on February 3, 2026. “SR and ER Power Transmission Ltd” was incorporated in August 2025 as a wholly-owned subsidiary of bid process coordinator PFC Consulting Ltd (PFCCL) to develop an ISTS-TBCB scheme termed as “Inter-regional strengthening between SR Grid and ER Grid.”
PGCIL had emerged winner of this scheme, under the TBCB framework, getting the better of five other contenders. PFCCL had issued the letter of intent to PGCIL on December 15, 2025. (See tndindia.com story dated December 16, 2025 for more details.)
Scheme objective
This scheme, with an estimated outlay of Rs.2,710 crore, aims at improving interregional transfer between the Southern (SR) and Eastern Regional grids. This will be achieved by putting up a second 765kV double-circuit line from Angul (Odisha, ER) to Srikakulam (Andhra Pradesh, SR). This line will complement the existing 765kV Angul-Srikakulam line (owned by PGCIL) and will help electricity imports from ER into SR.
Tariff
In winning this scheme, PGCIL quoted a tariff (annual transmission charges) of Rs.3118.60 million (around Rs.312 crore). Though details on the initial and final price bids are not yet available, it strongly appears that none of the qualifying bidders participated in the e-reverse auction (e-RA). With no e-RA conducted, PGCIL’s initial bid ended up being the final winning bid.
PGCIL’s FY26 record
During the current fiscal year so far, which is up to February 3, 2026, PGCIL has formally acquired six ISTS schemes under the TBCB route. Besides, the Central PSU has received the letter of intent (LoI) for two schemes for which the formal SPV transfer was pending, as of given date.
It is pertinent to note that three of the six formal ISTS-TBCB acquisitions by PGCIL relate to interregional strengthening schemes. Prior to the SR-ER acquisition discussed in this story, PGCIL had acquired Vindhyachal Varanasi Transmission Ltd and SR WR Power Transmission Ltd – both in October 2025. These schemes relate to NR-WR and SR-WR interregional transfer, respectively.
Meanwhile, PGCIL is also set to debut in the intrastate-TBCB space in Maharashtra, after being named L1 bidder in a scheme involving development of a greenfield 765kV AIS substation near Pune. (See tndindia.com story dated February 4, 2026)
Featured photograph shows the formal transfer of “SR and ER Power Transmission Ltd” from PFCCL to PGCIL. (Photo: PGCIL)