India Grid Trust (IndiGrid) on Tuesday said it will acquire a 100 per cent stake in Raichur Sholapur Transmission Company Private Limited for Rs 250 crore.
It has signed a share purchase agreements (SPAs) for the acquisition of 100 per cent shareholding on July 30, 2022, IndiGrid said in a statement.
However, the completion of acquisition would depend upon receipt of relevant approvals and completion of contractual obligations, it added.
According to the company, its ”Board has signed share purchase agreement to acquire 100 per cent shareholding and economic interest in one or more tranches, in RSTCPL from Patel Engineering Limited (owning 33.34 per cent ), Simplex Infrastructures Limited (owning 33.33 per cent stake) and BS Limited (owning 33.33 per cent)”.
The acquisition would cost Rs 250 crore, as per the statement.
IndiGrid CEO Jyoti Kumar Agarwal, ”As a low-risk operational transmission asset with long-term contracted cash flows and minimal counter-party risk, this acquisition fits in well with IndiGrid’s growth strategy. We are committed to grow IndiGrid by acquiring value accretive projects while ensuring predictable distributions and superior investor returns”. IndiGrid is India’s first and largest Infrastructure Investment Trust (InvIT) in the power transmission sector. It owns, operates, and manages power transmission networks and renewable energy assets that deliver reliable power throughout India.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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