Techno Electric & Engineering Strengthens Transmission Portfolio with Acquisition

Techno Electric & Engineering Company (TEEC) announced the successful acquisition of M/s. NERES XVI Power Transmission Limited (NERES XVI PTL) on May 30, 2024. This strategic move significantly bolsters TEEC’s presence in the Indian power transmission sector.

Competitive Bidding Secures Project

Following a rigorous and transparent process, TEEC emerged as the winning bidder for the NERES XVI project through a tariff-based competitive bidding process overseen by the Bid Process Coordinator (BPC). This competitive selection process ensures that the project is awarded to the company offering the most cost-effective and technically sound solution. All necessary approvals required for the acquisition had been secured by the BPC prior to the completion of the transaction.

Acquisition Details and Project Scope

The acquisition, valued at ₹7,15,09,282, includes NERES XVI PTL along with all its assets and liabilities. This strategic investment grants TEEC ownership of the transmission system for the “North Eastern Region Expansion Scheme-XVI (NERES-XVI)”. The project is based on a Built, Own, Operate and Transfer (BOOT) model, signifying that TEEC will be responsible for the construction, ownership, operation, and eventual transfer of the transmission system upon completion of the concession period.

Enhancing Power Transmission Infrastructure

The successful acquisition of NERES XVI PTL aligns perfectly with TEEC’s commitment to contributing to India’s growing infrastructure needs. The project will play a critical role in strengthening the power transmission network within the North Eastern Region, facilitating the reliable and efficient delivery of electricity to millions of residents and businesses.

TEEC’s strategic acquisition of NERES XVI PTL underscores the company’s dedication to growth and its commitment to playing a pivotal role in India’s ongoing infrastructure development. This significant expansion strengthens TEEC’s position as a leading player in the power transmission sector and positions the company for continued success in the years to come.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.