IndiGrid completes acquisition of north eastern power transmission project
NEW DELHI: India Grid Trust (IndiGrid), an infrastructure investment trust (InvIT), has completed the acquisition of an 830 circuit km power transmission project in the Northeast, at an enterprise value of ₹4,625 crore from Sterlite Power, the firm said in a statement on Saturday.
The NER-II Transmission Ltd project is spread across Assam, Arunachal Pradesh and Tripura and post the deal completion, will up IndiGrid’s assets under management to $2.8 billion. The investment manager of IndiGrid sponsored by Sterlite Power Grid Ventures Ltd is majority owned by KKR.
“With this acquisition, IndiGrid’s AUM has increased by ~34% to ~INR 20,000 Cr (USD 2.70 Bn). The platform’s asset portfolio now consists of 13 power transmission projects, with a total network of 38 power transmission lines and 11 substations extending over ~7,570 circuit km and ~13,350 MVA in 17 Indian states and 1 Union territory,” the statement added.
