Not buying Kandla transmission, says Reliance Industries Ltd

Mukesh Ambani-led Reliance Industries Ltd (RIL) informed the stock exchange, through a regulatory filing, that it is no longer in the race to buy a 100% stake in Kandla GHA Transmission Limited (KGTL) from PFC Consulting Limited.

Reliance said even after receiving approval for the pre-acquisition bidding process, PFC Consulting Limited sent a letter to RIL, cancelling the bidding process. “The company has received a letter from PFC dated May 6, 2026, informing it of the cancellation of the ongoing bidding process. Therefore, the company will not acquire any stake in KGTL,” Reliance said in an exchange filing.

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In an earlier stock exchange filing last year on April 25, 2025, Reliance had announced that its Board of Directors had approved the acquisition of Kandla GHA Transmission Limited (KGTL) from PFC Consulting Limited.

According to the Reliance board decision, the total consideration for purchasing Kandla GHA Transmission Limited (KGTL) from PFC Consulting Limited, was not to exceed Rs 20 crore.

Kandla GHA Transmission Limited (KGTL) is a special purpose vehicle (SPV) established to develop infrastructure to supply power to green hydrogen and ammonia manufacturing facilities in Kandla, located in Gujarat. The project focuses on the transmission of 3 GW of renewable energy, designed to support large-scale green energy projects and reduce carbon emissions.

Reliance wanted to buy Kandla GHA Transmission since RIL is in the process of setting up a huge ecosystem in Gujarat to produce green hydrogen, green ammonia as well as green chemicals.

Reliance plans to indigenise all critical technologies of the green energy transition, namely solar, battery energy storage systems as well as electrolysers, under a ‘Make-in-India’ framework.

Recently, RIL announced a binding long-term Supply and Purchase Agreement (SPA) with Samsung C&T Corporation of South Korea to supply green ammonia over a 15-year period commencing in the second half of FY2029.

The SPA, valued at more than US$3 billion, is one of the largest binding long-term Green Ammonia off-take agreements globally.

The SPA sets a new benchmark in the global energy landscape, with India emerging as an exporter of green fuels produced through an end-to-end value chain anchored in the country, including the domestic manufacturing of critical clean-energy equipment, aligned with India’s National Green Hydrogen Mission (NGHM).