IndiGrid completes acquisition of two power transmissions assets from Sterlite Power
India Grid Trust, an infrastructure investment trust, has completed the acquisition of two power transmission assets — NRSS XXIX Transmission Ltd (NTL) and Odisha Generation Phase II Transmission Ltd (OGPTL) — from Sterlite Power for an enterprise value of ₹5,025 crore.
IndiGrid had signed definitive documents to acquire the two assets in April 2019.
The acquisition has been funded through a preference unit issuance worth ₹2,514 crore, subscribed by KKR, GIC and other capital market investors in May 2019. The remaining amount has been funded through debt raised by IndiGrid and OGPTL, the company said in a statement.
IndiGrid had issued ₹1,400 crore of AAA-rated debentures and ₹200 crore worth AAA-rated Market-Linked Debentures, first of its kind issuance by an InvIT in India. A loan of ₹550 crore at OGPTL has also been extended by Axis Bank.
