IndiGrid buys another Sterlite transmission line for $145.7 M
IndiGrid approved the acquisition of East North Interconnection Company Ltd Transmission Company Limited from Sterlite Power Transmission Ltd (value = $145.7M).
India: IndiGrid, a listed infrastructure investment trust (InvIT) for power transmission lines, has approved the acquisition of East North Interconnection Company Ltd Transmission Company Limited (ENICL), at a value of $145.7 M from Sterlite Power Transmission Ltd.
ENICL is part of Inter State Transmission Scheme (ISTS) network and consists of two 400 kV transmission lines with a total roughly 900 km across Assam, Bihar and West Bengal. It is a strategic asset which is crucial for power exchange across north eastern and eastern region of India. IndiGrid’s portfolio will increase to nine power transmission projects with a total network of 20 power transmission lines that span more than 5,800 km across 13 states post this acquisition. The acquisition is expected to be completed in 2020, subject to unitholders’ approval, execution of definitive agreements and regulatory approvals.
Source: Deal Street Asia