Power Grid Acquires JFTL
Power Grid Corporation of India Limited, pursuant to its selection as the successful bidder under Tariff based competitive bidding acquired Jawaharpur Firozabad Transmission Limited (JFTL), the Project SPV to establish Transmission System for Evacuation of Power from 2 x 660 MW Jawaharpur Thermal ·Power Project and construction of 400 kV substation at Firozabad along with associated Transmission Lines, on build, own, operate and maintain (BOOM) basis from REC Transmission Projects Company Limited (the Bid Process Coordinator). The transmission system comprises 765kV, 400kV, 220kV and 132kV lines apart -from establishing a new 400/220/132 kV Substation at Firozabad, Uttar Pradesh. The transmission system is an Intra State Transmission System Project and is to be progressively constructed over a period of 28 months.
The entity was incorporated by Bid Process Coordinator (REC Transmission Projects Company Limited). The entity is yet to start commercial operation, as such no turnover has been recorded during the last 3 years. The entity will be operating in India.
The entity was acquired for aggregate. value of Rs. 4.11 Cr. including 50,000 equity shares at par at Rs. 10 each along with assets and liabilities of the Company as on the acquisition Date (21.12.2018). However, the acquisition price is subject to adjustment as per the audited accounts of the Company as on the Acquisition Date.