IndiGrid to acquire Rs 1,020 cr-transmission project from Sterlite Power

MUMBAI: IndiGrid, the infrastructure investment trust backed by KKR, will acquire the acquisition of East North Interconnection Company for Rs 1,020 crore from Sterlite Power, the InvIt informed the bourses on Wednesday.

The transaction is an extension of a deal signed between IndiGrid and Sterlite Power in May last year, which gave the former the right of first offer on latter’s projects. After this transaction, IndiGrid would have another Rs 6,500 crore of transmission projects in the pipeline under the framework agreement with Sterlite Power, which would take its assets under management to Rs 18,000 crore over the next two years.

“Our strategy is to focus on accretive acquisitions to provide superior total returns to investors.