Reliance Infrastructure Ltd (RInfra) has completed the sale of its entire equity stake in Parbati Koldam Transmission Company Limited (PKTCL) to India Grid Trust (IndiGrid) for an enterprise value of ~₹900 crore.
RInfra owns 74 per cent in PKTCL located in Himachal Pradesh and Punjab in joint venture with Power Grid Corporation of India Limited (PGCIL).
The deal was announced in November 2020 with the signing of a definitive binding agreement between RInfra and IndiGrid and has now been completed with transfer of shares of PKTCL, and receipt of sale consideration.
IndiGrid is India’s first power sector Infrastructure Investment Trust, owning AAA rated power transmission assets in India. With this acquisition, IndiGrid owns 12 operating power transmission assets with a total AUM of over ₹14,500 crore.
The total transaction value is ~₹900 crore. The entire sale proceeds are being utilised for debt reduction. RInfra has reduced its total debt liabilities by ~6 per cent from the deal proceeds.
Rinfra has been selling its assets in a bid to pare debt. recently, it completed the stake sale of Delhi-Agra Toll road to Cube Highways and Infrastructure III Pte Limited for an enterprise value of ₹3,600 crore.