Power Grid to transfer assets worth Rs 7,500 crore to InvIT in FY23
State-run PoweGrid Corporation of India is planning to transfer transmission assets worth around Rs 7,500 crore to the newly launched Powergrid infrastructure investment trust (PGInvIT) in FY23. The company has identified a couple of large assets together valued at Rs 5,000 crore for the transfer, along with its 26% stake in one of the existing special purpose vehicles.
People close to the development told FE that Power Grid Southern Interconnector Transmission System project, and the Nagapattinam Madhugiri Transmission line are the two major assets that are likely to be transferred to PGInvIT. “Besides, there will be a few other small projects. The sponsor (PGCIL) will also transfer part of the residual 26% stake it holds in Powergrid Vizag Transmission to the InvIT,”a source said.
PGCIL on May 14 transferred its 74% stake in five transmission SPVs to PGInvIT to raise Rs 2,736 crore through offer for sale.
