IndiGrid has completed the acquisition of three transmission assets
Assets under management for IndiGrid stands at ~Rs5,300cr.
IndiGrid has completed the acquisition of three transmission assets from its Sponsor – Sterlite Power Grid Ventures Limited. The sum paid for the transmission assets from the Sponsor stand at ~Rs1,410cr. The acquisition will be financed by a Rs1,000cr 10-year loan and a Rs420cr short-term loan, which would be refinanced at a later date.
IndiGrid has also acquired a 46% stake in Patran Transmission Company Limited (PTCL) from Techno Power Grid Company Ltd, Techno Electric & Engineering Company Ltd and its nominee shareholders. The sum paid for the investment in PTCL stands at Rs232cr.
According to management, these acquisitions would increase IndiGrid portfolio IRR to 11%, based on the current price and will enable a Distribution per Unit of ~Rs12 for the next five years.
With the completion of the acquisition of sponsor assets, IndiGrid’s total portfolio increases to 13 transmission lines and 2 substations fully operational across 8 states in India. The assets under management for IndiGrid increased to ~Rs5,300cr.