Power Grid Corporation of India Ltd (PGCIL) has received letters of intent for development of two interstate transmission system (ISTS) schemes for which it emerged as winning developer under the tariff-based competitive bidding (TBCB) mechanism.
In brief stock exchange filings, PGCIL said that the respective bid process coordinator has issued the LoIs for two ISTS-TBCB schemes:
- Augmentation at Bhadla-III, Ramgarh PS and Kanpur (PG)
- Transmission system for integration of Krishnagiri REZ Phase-I
The two projects are currently housed under project SPVs – Bhadla Ramgarh Power Transmission Ltd and Krishnagiri REZ Transmission Ltd, respectively.
These two SPVs will eventually be formally transferred to PGCIL. While Bhadla-Ramgarh is a wholly-owned subsidiary of bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL), Krishnagiri REZ is wholly-owned by PFC Consulting Ltd.
As exclusively reported by tndindia.com on July 2, 2026, PGCIL had emerged L1 bidder for the Krishnagiri REZ scheme.
In another exclusive story dated June 25, 2026, tndindia.com had reported PGCIL coming close to winning the Ramgarh-Bhadla scheme, getting the better of four other contenders.
With these two wins, and especially the Krishnagiri REZ scheme involving a very high tariff of over Rs.800 crore per year, PGCIL is set to grow its tariff-based share in the ISTS-TBCB market in FY27.
It may be mentioned that the Central PSU was a clear leader in the ISTS-TBCB market during Q1FY27, having won three out of the six schemes formally transferred, and commanding a 56.25 per cent tariff-based market share. (Read tndindia.com’s exclusive report dated July 6, 2026).
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