Power Grid Corporation of India Limited (POWERGRID) has approved the sale of its entire equity stake in Central Transmission Utility of India Limited (CTUIL) to Grid Controller of India Limited (Grid-India). The board cleared the deal on 1 November 2026 at an initial payment of ₹73.46 crore plus a true-up amount, according to a stock exchange filing. CTUIL, now a wholly owned POWERGRID subsidiary, handles inter-state transmission planning and connectivity. Grid-India, the national grid operator, would become CTUIL’s owner. The filing gives no reason for the sale.
Key Details
The price has two parts, an initial payment of ₹73.46 crore and a true-up amount, worked out as follows:
- Net asset value: ₹76.85 crore at the valuation date of 30 September 2026
- Specified liability deductions: ₹3.39 crore, taken off the net asset value
- True-up amount: to be set from a valuation for the period between 30 September 2026 and the closing date
- Closing date: a date within three months of the share purchase agreement being signed
The company said further details required under the Securities and Exchange Board of India master circular of 30 January 2026 will be given when the transaction is complete. It has not disclosed the signing date of the share purchase agreement or the expected true-up figure. The filing does not say what will happen to CTUIL’s staff or management structure.
The board had given in-principle approval on 9 March 2026. Since then, POWERGRID has classified its investment in CTUIL as an asset held for sale under Ind AS 105, the accounting standard for such assets. Its Q2 FY27 results note repeats that treatment and records the final approval of 1 November 2026.
Scale of the Deal
The initial payment compares with POWERGRID’s standalone net worth of ₹1,06,089.54 crore at 30 September 2026 and standalone profit of ₹3,819.08 crore for the quarter. The Q2 FY27 results do not give CTUIL’s revenue or profit separately. The buyer and seller are both government companies.
Policy and Regulatory Backdrop
The Ministry of Power notified CTUIL as the Central Transmission Utility through a Gazette Notification dated 9 March 2021. CTUIL’s website says it started functioning from 1 April 2021 as a wholly owned subsidiary of POWERGRID. It discharges the functions of the Central Transmission Utility under the Electricity Act, 2003, along with functions assigned by the Central Electricity Regulatory Commission and the Central Electricity Authority.
CTUIL’s website lists its functions as planning, communication and metering, open access, engineering and project monitoring. Its sections on open access and tariff-based competitive bidding (TBCB) both describe the Central Transmission Utility as a nodal agency. Its website also carries the links through which developers apply for connectivity and general network access.
POWERGRID is itself a bidder for inter-state transmission projects. Its August 2026 presentation put its cumulative tariff market share at about 47% across all inter-state TBCB projects since inception. It reported six project wins from 19 projects bid in FY27 up to July 2026, counting inter-state and intra-state schemes. The 1 November 2026 disclosure and the results notes do not link the sale to these roles.
About Grid-India
Grid-India operates the National Load Despatch Centre and five Regional Load Despatch Centres. It was formerly Power System Operation Corporation Limited, and it changed its name on 14 November 2022, according to a Press Information Bureau (PIB) release. A PIB release of 3 January 2024 says it has functioned independently since 3 January 2017 as a Central Public Sector Enterprise under the Ministry of Power, after separating from POWERGRID as its subsidiary.
The company is also the designated nodal agency for the Green Energy Open Access portal, the Renewable Energy Certificate mechanism and short-term open access in transmission, according to the 2022 release. If CTUIL stays a separate company after closing, system operation and transmission planning would sit under one parent. POWERGRID’s filing does not say whether it will.
About POWERGRID
POWERGRID is a Government of India enterprise, with the government holding 51.34% at 30 June 2026. On that date, it reported 1,86,595 circuit kilometres of transmission lines and 6,34,516 MVA of transformation capacity. Burra Vamsi Rama Mohan is Chairman and Managing Director.
Separately, the Q2 FY27 results record approval from the Department of Investment and Public Asset Management, through the Ministry of Power, for exits from three companies. They are Torrent Power Grid Limited, a former joint venture, and joint ventures Sikkim Power Transmission Limited and Parbati Koldam Transmission Company Limited.
CTUIL’s Recent Advisories
CTUIL’s own website lists these recent actions:
- September 2026: An advisory on benchmark project cost and land requirement for renewable energy projects.
- September 2026: An advisory on how to raise the storage capacity, in MWh, of battery energy storage system (BESS) projects already granted connectivity.
- October 2026: New application forms went live on the National Single Window System portal.
- October 2026: An advisory on minimum storage duration for BESS and the installation of commensurate renewable energy generation.
Outlook
The next step is the signing of the share purchase agreement. POWERGRID has said it will give the remaining details required by the circular in due course on completion. Neither POWERGRID’s filings nor CTUIL’s website say how CTUIL’s functions will run under Grid-India. Neither gives a date for signing.
Official Sources
- Power Grid Corporation of India Limited – Regulation 30 Disclosure on Sale of CTUIL to Grid-India (NSE, 1 November 2026): https://nsearchives.nseindia.com/corporate/POWERGRID1_01112026205525_CTUIL_Signed.pdf
- Power Grid Corporation of India Limited – Board Meeting Outcome and Q2 FY27 Results (NSE, 1 November 2026): https://nsearchives.nseindia.com/corporate/POWERGRID1_01112026200821_BSENSEReg30FileFinal.pdf
- Power Grid Corporation of India Limited – Outcome of Board Meeting, In-Principle Approval (NSE, 9 March 2026): https://nsearchives.nseindia.com/corporate/POWERGRID1_09032026202038_BSENSEReg30dt09032026.pdf
- Press Information Bureau, Ministry of Power – 7th Grid-India Day (3 January 2024): https://www.pib.gov.in/PressReleasePage.aspx?PRID=1992887
- Central Transmission Utility of India Limited – Company Website: https://www.ctuil.in/
- Press Information Bureau, Ministry of Power – POSOCO Is Now Grid Controller of India Limited (14 November 2022): https://www.pib.gov.in/Pressreleaseshare.aspx?PRID=1875864®=3&lang=2
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