India, Mumbai: IndiGrid has announced that it has completed the largest transmission project deal by acquiring NER-II Transmission from Sterlite Power.

India Grid Trust (IndiGrid), India’s first and the largest power sector infrastructure investment trust, has announced that it has completed the largest transmission project deal by acquiring NER-II Transmission Limited (NER-II) from Sterlite Power at an enterprise value of $636 M (Rs 4,625 crore). With this acquisition, IndiGrid’s AUM has increased by 34 percent to $2.70 B (Rs 20,000 crore). The platform’s asset portfolio now consists of 13 power transmission projects, with a total network of 38 power transmission lines and 11 substations extending over 7,570 km and 13,350 MVA in 17 Indian states and 1 Union Territory.

The acquisition of NER-II was envisaged as part of the Framework Agreement signed with Sterlite Power in April 2019. The Investment Manager of IndiGrid had signed a definitive share purchase agreement for the acquisition of NER-II on 5 March 2021.

Commenting on the transaction, Pratik Agarwal, Managing Director, Sterlite Power, said, “We are delighted to have successfully closed the sale of NER-II to India Grid Trust. This marks our tenth successful asset transfer, in under 4 years. This mega project will bring reliable power India’s northeast region. The transaction is another validation of our pioneering equity recycling model and our ability to garner tremendous investor interest in our transmission assets.”

Source: Saur Energy International