A multi-pulse GTO based voltage source converter (VSC) topology together with a fundamental frequency switching mode of gate control is a mature technology being widely used in static synchronous compensators (STATCOMs). The present practice in utility/industry is to employ a high number of pulses in the STATCOM, preferably a 48-pulse along with matching components of magnetics for dynamic reactive power compensation, voltage regulation, etc. in electrical networks. With an increase in the pulse order, need of power electronic devices and inter-facing magnetic apparatus increases multi-fold to achieve a desired operating performance. In this paper, a competitive topology with a fewer number of devices and reduced magnetics is evolved to develop an 18-pulse, 2-level $pm$ 100MVAR STATCOM in which a GTO-VSC device is operated at fundamental frequency switching gate control. The inter-facing magnetics topology is conceptualized in two stages and with this harmonics distortion in the network is minimized to permissible IEEE-519 standard limits. This compensator is modeled, designed and simulated by a SimPowerSystems tool box in MATLAB platform and is tested for voltage regulation and power factor correction in power systems. The operating characteristics corresponding to steady state and dynamic operating conditions show an acceptable performance.