Power Grid Corporation of India Ltd (PGCIL), a state-run enterprise, on Thursday announced the acquisition of MEL Power Transmission Ltd, a special purpose vehicle (SPV), from PFC Consulting for Rs 558 crore.

PFC Consulting is a wholly owned subsidiary of the Power Finance Corporation.

According to an official statement, the SPV has been tasked with developing a transmission system to evacuate power from Mahan Energen’s power generation plant in Madhya Pradesh. The project will be executed on a BOOT (Build, Own, Operate, Transfer) basis.