Private equity firm KKR withdraws intention to sponsor India Grid Trust
MUMBAI: Private equity firm KKR has backed off a plan to become a sponsor of India Grid Trust, or IndiGrid, an infrastructure investment trust (InvIT).
In May 2019, KKR – in a first of its kind transaction – had invested Rs 1,084 crore in the InvIT set up by Sterlite Power Transmission. GIC Infra Holdings had chipped in Rs 980 crore.
According to the deal terms, KKR affiliate Esoteric II Pte got 23% units of the trust with an option to buy a further 15% by July 15 this year.
