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Power Grid Corporation of India (POWERGRID) has emerged as the successful bidder under the TBCB route

ICICIdirect Research 24 Aug 2026 DISCLAIMER

News: Power Grid Corporation of India (POWERGRID) has emerged as the successful bidder under the TBCB route for establishing the Inter-State Transmission System for evacuation of power from Jam Khambhaliya REZ Phase-II (5.5GW) and Jamnagar Phase-I (1GW) in Gujarat. The project will be implemented on a BOOT basis at a discovered tariff of ₹822.9 crore per annum, with the LoI received on August 21, 2026. The scope includes a new GIS substation at Kalyanpur, ICT augmentation and bay extensions at existing substations, along with 765kV transmission lines across Gujarat.

View: The win strengthens POWERGRID’s transmission order pipeline and provides long-term annuity-like revenue visibility under the BOOT model, with the project supporting evacuation of 6.5GW of renewable capacity from Gujarat. The award also underscores the accelerating transmission capex opportunity linked to RE integration, with POWERGRID well positioned to benefit from the rising TBCB pipeline.

Impact: Positive

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