Power Grid acquires Vataman Transmission Limited for Rs 18.19 crore

Power Grid Corporation of India Limited, a central public sector undertaking, on Tuesday acquired Vataman Transmission Limited (VTL) for an amount of Rs 18.19 crore.

The price at which the 10,000 equity shares of VTL have been acquired is Rs 10 each along with assets and liabilities of the company as on date of the acquisition.

"Pursuant to its selection as the successful bidder under tariff based competitive bidding, Powergrid Corporation of India Limited acquired VTL, to establish transmission system for evacuation of additional 7 GW of RE power from Khavda RE park under Phase III Part B" as per the exchange filing.

The project also comprises establishment of a new 765/400kV switching station at Vataman in Ahmedabad, triple 765kV D/c transmission lines (including a LILO line), traversing throughout Gujarat, including extension works at Navsari and Halvad substations, it said.

However, the acquisition price is subject to adjustment as per the audited accounts of the company as on the acquisition date. In the second quarter this year, the electric services firm posted a 3.6 per cent annual rise in net profit to Rs 3,781.4 crore from Rs 3,650.3 crore recorded in the same quarter last year.

The revenue from operations for the company rose by 1 per cent to Rs 11,267.1 crore, as against Rs 11,150.6 crore in the corresponding period last fiscal year.