Indigrid acquires GPTL for $148.2 M
On 31 August, IndiGrid has completed the acquisition of Gurgaon Palwal Transmission Ltd from Sterlite Power at an enterprise value of $148.2 M (Rs 1,080 crore).
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India: On 31 August, IndiGrid has completed the acquisition of Gurgaon Palwal Transmission Ltd from Sterlite Power at an enterprise value of $148.2 M (Rs 1,080 crore).
IndiGrid’s assets under management (AUM) have thus increased by 9 % to $1.83 B (Rs 13,300 crore), the infrastructure investment trust said in a statement.
The company’s 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 km and 10,735 MVA in 15 Indian states.
GPTL is part of Inter State Transmission Scheme network and consists of 3 gas-insulated substations with a total transformation capacity of 3,000 MVA and 270 circuit km of 400 kV transmission lines spread across Uttar Pradesh, Haryana and Rajasthan.
“GPTL is a strategic asset for ensuring reliable power supply in the region which may reduce the carbon emissions by reducing dependence on DG (diesel generator) sets,” said Indigrid.
“This acquisition is in line with our strategy to acquire accretive assets with low operating risk and long-term certainty of cash flows. We continue our efforts to increase unitholders’ returns by creating a solid growth pipeline for the future while providing predictable distribution,” IndiGrid CEO Harsh Shah said.
He further said IndiGrid has another $755 M (Rs 5,500 crore) pipeline of transmission projects under the framework agreement with Sterlite Power, providing visibility of $2.5 B (Rs 18,000 crore) of AUM over the next two years.
Source: Financial Express