Ceigall India buys the SPV for a Gujarat power transmission project from REC Power Development and Consultancy
- Mergers & acquisitions
- Infrastructure
Ceigall India Limited has told the exchanges that on 12 Oct 2026 it signed a share purchase agreement with REC Power Development and Consultancy Limited to acquire 100% of the equity shares of Jam Khambhaliya Jamnagar Power Transmission Limited (JKJTL), which has become its wholly owned subsidiary. The filing continues the company’s letter of 11 Sep 2026.
JKJTL was formed by REC Power Development and Consultancy as a project company. It has authorised and paid-up share capital of ₹5,00,000, divided into 50,000 equity shares of ₹10 each, and no turnover. The company received a letter of intent dated 2 Sep 2026 from REC Power Development and Consultancy, under a tariff based competitive bidding process, for the establishment of the common transmission system for evacuating power from Lakadia (Phase II, 7.5 GW), Jam Khambhaliya (Phase II, 5.5 GW) and Jamnagar (Phase I, 1 GW), Part B. Buying the project company’s shares is a condition of the request for proposal.
The transaction is not a related party transaction, and promoter and group companies have no interest in it.
Inference
The acquired company is a newly formed shell with ₹5 lakh of capital, and the purchase is the formal step that hands the company the project it won in the bid. The real commitment is the transmission project itself, whose cost is not stated in the part of the filing reviewed here.
Power Grid separately acquired a project company for a transmission system in the same renewable energy zone on the same day.
Reference: Original filing (PDF)
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