Reliance Industries Limited (RIL) has announced the annulment of its proposed acquisition of a 100% equity stake in Kandla GHA Transmission Limited (KGTL) from PFC Consulting Limited (PFC). This decision follows a letter received from PFC on May 6, 2026, informing RIL about the annulment of the existing bidding process. Previously, on April 25, 2025, RIL's Board of Directors had approved the acquisition for an aggregate consideration not exceeding ₹20 crore. However, due to the annulment of the bidding process, RIL will no longer proceed with acquiring any stake in KGTL. The company received the official notification from PFC on May 6, 2026, at 3:08 p.m. IST.
