 "The new plan has been put in place after the company's disclosure last week which said its liabilities, advances and net worth are understated")
Tata Power on Saturday said it has acquired Bikaner-Neemrana Transmission Project through a bidding process.
Bikaner-III Neemrana-II Transmission Ltd is a special purpose vehicle (SPV) set up by PFC Consulting, for the project.
The company has acquired Bikaner-Neemrana Transmission Project to boost renewable energy evacuation in India, a company statement said.
The company received the letter of intent (LOI) after emerging as a successful bidder in the Tariff-Based Competitive Bidding (TBCB) process, as per the guidelines issued by Ministry of Power, it added.
The project, which will be developed on a Build-Own-Operate-Transfer (BOOT) basis, will enable the evacuation of 7.7 GW of renewable energy from the Bikaner Complex in Rajasthan.
The project entails establishment of a 340-km transmission corridor from Bikaner-III pooling station to Neemrana II substation.
Tata Power will maintain the transmission project for a period of 35 years. It is estimated to cost Rs 1,544 crore and is expected to be commissioned within 24 months from the date of transfer of the project SPV.
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