Gujarat Energy Transmission Corporation Limited (GETCO) was set up in May 1999 and is registered under the Companies Act, 1956. The Company was promoted by erstwhile Gujarat Electricity Board (GEB) as its wholly owned subsidiary in the context of liberalization and as a part of efforts towards restructuring of the Power Sector.
As a part of the ongoing reforms process in the state power sector, in the year 2003, the Government of Gujarat under the provisions of Gujarat Electricity Industry (Re-Organization & Regulation) Act, 2003 framed the Gujarat Electricity Comprehensive Transfer Scheme, 2003 (the Transfer Scheme) vide Government Notification No: GHU-2003-58-GEB-3537–K dated the 24th October, 2003. The Government of Gujarat issued Notification No. GHU-2004–99-GEB-1104- 7318-K dated the 31st December 2004, notifying the Provisional Opening Balance Sheet as on 31st March 2004 of the Six Transferee Companies containing the value of assets and liabilities transferred from erstwhile Gujarat Electricity Board (GEB) to the Transferee Companies. Assets of the Board were dis-aggregated into six companies – One each in Generation and Transmission and Four in Distribution. As a part of the above exercise, all the generation plants of GEB have been transferred to GSECL, which was a company already, existing since 1993.
Subsequently, the Government of Gujarat vide Notification dated 31st March, 2005 notified that pursuant to the Transfer Scheme, the effective date for the transfer of assets, liabilities, proceedings and personnel be further extended to 1st April, 2005. A holding company, Gujarat Urja Vikas Nigam Limited (GUVNL), has been also been formed. Apart from co-ordination functions, GUVNL is also handling Trading and Bulk Supply functions.