Power Grid Corporation of India (PGCIL), pursuant to its selection as the successful bidder under tariff-based competitive bidding, has acquired Unchahar Transmission (UTL).
With approval from the Ministry of Power, the 50,000 equity shares held with Unchahar Transmission, an SPV for the project, were transferred to PGCIL via REC Transmission Projects Company (RECTPCL) on 24 March, 2014.
The shares were transferred substantially upon the terms and conditions as detailed in the share purchase agreement executed between RECTPCL, UTL and PGCIL for establishment of the transmission system for ATS Unchahar thermal power station.
On 19 February 2014, PGCIL had emerged as the successful bidder to set up a transmission system for ATS Unchahar thermal power station in Uttar Pradesh.