State-owned Power Grid Corporation of India (PGCIL) said on Tuesday it had acquired Mohanlalganj Transmission Limited in Uttar Pradesh for more than Rs 9 crore.

In its BSE filing, PGCIL said Mohanlalganj Transmission Limited (MTL) was established in June 2021 as an SPV (Special Purpose Vehicle) project to build an intrastate transmission system.

“It has been reported that PGCIL has been selected as the winning bidder for the tariff-based MTL takeover on May 30, 2022,” it added.

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The total value of the entity’s acquisition is approximately Rs 911 crore, including 10,000 equity shares and company assets and liabilities as of the acquisition date. MTL is in the electricity transmission business.