Maharatna power transmission company clears transfer of its wholly owned subsidiary, with final transaction value subject to valuation adjustments
New Delhi, November 3, 2026: Power Grid Corporation of India Limited (POWERGRID), a Maharatna public sector undertaking under the Ministry of Power, has approved the sale and transfer of its entire equity stake in Central Transmission Utility of India Limited (CTUIL) to Grid Controller of India Limited (GRID-INDIA), with an initial purchase consideration of ₹73.46 crore.
The POWERGRID CTUIL Stake Sale was approved by the company’s Board of Directors at its meeting held on November 1, 2026, according to a regulatory disclosure submitted to the National Stock Exchange (NSE) and BSE.
CTUIL is currently a wholly owned subsidiary of POWERGRID. The proposed transaction involves the transfer of POWERGRID’s entire equity holding in the company to GRID-INDIA, subject to completion of the agreed transaction process.
According to the stock exchange filing, the purchase consideration comprises an initial payment of ₹73.46 crore and an additional true-up amount that will be determined based on the valuation period up to the transaction’s closing date.
The initial consideration has been calculated using CTUIL’s net asset value of ₹76.85 crore as of September 30, 2026, after deducting specified liabilities amounting to ₹3.39 crore.
The final transaction value may therefore differ from the initial payment of ₹73.46 crore once the valuation adjustments are completed.
POWERGRID stated that the true-up amount will be determined for the period between September 30, 2026, the valuation date, and the closing date of the transaction.
The closing date is expected to fall within three months from the signing of the Share Purchase Agreement (SPA).
The company has not announced the final closing date or the additional valuation adjustment amount in its November 1 disclosure.
The proposed transfer represents an important corporate development involving two organisations associated with India’s electricity transmission and grid management framework.
CTUIL performs central transmission utility functions within the country’s electricity sector, while GRID-INDIA is responsible for key electricity grid operation and system coordination functions.
The transfer of CTUIL’s ownership to GRID-INDIA will change its shareholding structure once the transaction is completed. However, the board’s approval does not mean that the ownership transfer has already been finalised.
POWERGRID said further details required under the Securities and Exchange Board of India (SEBI) Master Circular dated January 30, 2026, will be communicated in due course after completion of the transaction.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which governs the reporting of material corporate developments by listed companies.
The November 1 filing also referred to an earlier communication dated March 9, 2026, indicating that the company had previously informed the stock exchanges about the matter.
POWERGRID is among India’s leading electricity transmission companies and plays a major role in developing, maintaining and operating the country’s high-voltage transmission infrastructure.
The company operates an extensive network of transmission lines and substations supporting electricity movement across different regions of India.
The proposed CTUIL stake transfer comes at a time when India’s electricity sector continues to focus on transmission network expansion, grid reliability and coordination between power sector institutions.
The transaction will require the execution and completion of the relevant share purchase arrangements, including the determination of the final purchase consideration.
For investors and stakeholders, the key developments to monitor will be the signing of the Share Purchase Agreement, the closing date and the final valuation-based adjustment.
Once completed, the transaction will result in POWERGRID transferring its entire ownership interest in CTUIL to GRID-INDIA.
The company has stated that additional disclosures will follow in accordance with applicable regulatory requirements.
Source: POWERGRID Regulatory Disclosure to NSE and BSE, dated November 1, 2026.
