IndiGrid completes acquisition of Khargone Transmission from Sterlite Power

The India Grid Trust (IndiGrid) has completed the acquisition of 100 per cent shareholding and economic interest in Khargone Transmission Limited (KTL) from Sterlite Power Transmission Limited (SPTL). IndiGrid and SPTL signed the binding share purchase agreement for the acquisition on Jan­uary 21, 2023, subject to unitholders’ consent, regulatory and other relevant approvals and completion of contractual obligations. IndiGrid received its unitholders’ approval on February 23, 2023. Acquired at an enterprise value of around Rs 15 billion, the addition of KTL to the portfolio will take IndiGrid’s assets under management to about Rs 227 billion and the company’s overall asset base to 8,416 ckt. km of transmission lines and around 17,550 MVA of transformation capacity. The acquisition was funded through a combination of equity, internal accruals and debt. KTL is an interstate transmission system project and has been operating commercially since December 2021.