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POWERGRID has acquired 100% of Barmer HVDC Power Transmission Ltd

ICICIdirect Research 24 Sep 2026 DISCLAIMER

News: POWERGRID has acquired 100% of Barmer HVDC Power Transmission Ltd under the TBCB route for ₹18.98 crore, to develop the 6GW, ±800kV HVDC transmission system from Barmer-II, Rajasthan to South Kalamb, Maharashtra. The project entails ~1,000km HVDC bipole line, associated 400kV lines and two SynCon units, with estimated project capex of ~₹24,974 crore and annual transmission charges of ₹3,244 crore under the BOOT framework. The project has an implementation period of 54 months, with the first HVDC pole targeted within 48 months and the second six months thereafter; GE Vernova T&D India has reportedly emerged L1 for the HVDC terminal converter package.

View: The project provides POWERGRID with a sizeable long-duration regulated revenue stream, with ₹3,244 crore annual transmission charges against ~₹25,000 crore project capex, implying strong revenue visibility over the concession period. The 6GW/1,000km HVDC corridor is strategically important for evacuating Rajasthan’s renewable energy capacity and strengthening inter-regional power transfer to western India, while the large capex provides multi-year opportunities for HVDC, transformers, conductors and transmission-equipment suppliers. 

Impact: Positive

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