Mumbai (Maharashtra) [India], September 1 (ANI): India Grid Trust (IndiGrid) has completed the acquisition of another transmission asset Gurgaon Palwal Transmission Ltd (GPTL) from Sterlite Power at an enterprise value of Rs 1,080 crore.
With this acquisition, IndiGrid's assets under management have increased by 9 per cent to Rs 13,300 crore. Its asset portfolio will now consist of 10 power transmission projects with a total network of 25 power transmission lines and 7 substations extending over 6,080 circuit kilometres and 10,735 mega volt amperes (MVA) in 15 Indian states.
GPTL is part of Inter-State Transmission Scheme (ISTS) network and consists of three gas-insulated substations with a total transformation capacity of 3,000 MVA and 270 circuit kilometres of 400 kilo volt transmission lines spread across Uttar Pradesh, Haryana and Rajasthan.
The acquisition of GPTL was envisaged as part of the framework agreement signed with Sterlite Power in April 2019 for the acquisition of three assets upon commissioning. This acquisition has been funded by internal accruals, proceeds from the preference issue done in May 2019 and new debt.
IndiGrid Chief Executive Officer Harsh Shah said the infrastructure investment trust has another Rs 5,500 crore pipeline of transmission projects under the framework agreement with Sterlite Power providing visibility of Rs 18,000 crore of assets under management over the next two years.
"This acquisition is a testament to our consistent track record of aggregating good quality projects with the vision of enhancing investor returns while maintaining a strong balance sheet," he said in a statement. (ANI)