Power Grid Corporation of India Ltd (PGCIL) has proposed to divest its entire equity stake in two joint ventures, the Central PSU said in a stock exchange notification.
PGCIL’s brief stock exchange filing said that it would be selling its entire equity stake and exiting from two joint ventures – Torrent Power Grid Ltd and Sikkim Power Transmission Ltd. In both the JVs, PGCIL holds minority equity shareholding.
PGCIL’s filing did not disclose in whose favour its stake would be divested but maintained that further developments in this regard would be communicated to stock exchanges.
Torrent Power Grid Ltd
Torrent Power Grid Ltd (TPGL) is a joint venture between PGCIL and Torrent Power Ltd in which PGCIL holds 26 per cent with Torrent Power Ltd being the majority shareholder with 74 per cent equity stake.
TPGL was incorporated to develop and operate the transmission system associated with Torrent Power’s 1,100-mw SUGEN combined cycle power project at Akhakhol in Gujarat. TPGL was granted the transmission licence in May 2007 and the said evacuation scheme was progressively commissioned by 2011.
Sikkim Power Transmission Ltd
Earlier known as Teestavalley Power Transmission Ltd, Sikkim Power Transmission Ltd (SPTL) was incorporated as a joint venture between PGCIL (equity: 26 per cent) and Sikkim Urja Ltd (equity: 74 per cent).
It may be noted that on the call of additional equity by SPTL, PGCIL contributed its share with the other JV partner Sikkim Urja Ltd had not contributed its share as of March 31, 2025. Therefore, as of given date, PGCIL’s holding in SPTL stands at 30.92 per cent, while that of Sikkim Urja Ltd stands reduced to 69.08 per cent.
Sikkim Power Transmission Ltd operates the 400kV double-circuit Quad Moose transmission line from Mangan in Sikkim to Kishanganj Pooling Station in Bihar so as to wheel out the power of the 1,200-MW Teesta-III hydropower project and other projects of Sikkim. The transmission line has been in commercial operations since February 13, 2019.
Sikkim Urja Ltd (SUL), formerly Teesta Uja Ltd, is the developer of the 1,200-MW Teesta hydropower project in Sikkim.
As of 2019, SUL was a state government entity with Sikkim government holding 60.08 per cent. Another 24.98 per cent was held by Asian Genco Pte Ltd while the remaining was thinly distributed amongst various entities like PTC India Ltd, Indus Clean Energy (India) Ltd, Athena Power Projects Pvt Ltd and APPL Power Pvt Ltd.
Unconfirmed reports suggest that Government of Sikkim has proposed to divest its entire equity stake of 60.08 per cent to Greenko Energies Pvt Ltd. Meanwhile, the 1,200-MW Teesta hydropower project that began operations in 2017 has been non-operational since October 2023 following a glacial lake outburst flood (GLOF) that devastated the power plant.
PGCIL JVs
Including the two discussed above, PGCIL, as of March 31, 2025, had 13 joint ventures, including one incorporated outside India.
Also read: PGCIL approves Rs.964-crore investment in three RTM projects
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