Power Grid acquires Jam Khambhaliya REZ Transmission, the SPV for a Gujarat 765 kV renewable-power project

Power Grid Corporation of India Limited has told the exchanges that on 12 Oct 2026, as the successful bidder under tariff based competitive bidding, it acquired Jam Khambhaliya REZ Transmission Limited from the bid process coordinator, PFC Consulting Limited. The company is the project special purpose vehicle for the inter-state transmission system that will integrate power from renewable energy projects in the Jam Khambhaliya renewable energy zone in Gujarat (Phase II, 5,500 MW) and Jamnagar (Phase I, 1,000 MW), to be built on a build, own, operate and transfer basis.

The project involves a new GIS substation at Kalyanpur in Gujarat, transformer capacity augmentation and bay extension works at substations under construction in the state, and 765 kV transmission lines across Gujarat. The SPV was incorporated on 29 Apr 2026 by the bid process coordinator under the Ministry of Power’s competitive bidding guidelines, and the necessary approvals for its transfer were obtained by the coordinator.

The filing says the acquisition is not a related party transaction, that Power Grid had no interest in the entity before acquiring it, and that the SPV is in the same business as Power Grid, the transmission of power.

Inference

Winning a tariff-based bid means the company took the project on terms set in a competition, and the acquisition of the SPV is the formal step that hands it the project. The filing does not give the project cost or the acquisition price in the part reviewed here.

Build, own, operate and transfer means the company will build and run the lines for a period and then hand them over. The length of that period is not stated in the filing.