India Grid Trust (IndiGrid) will acquire a 100% equity stake in Khargone Transmission at an enterprise value of around ₹1,497.5 crore, the company said Monday in a regulatory filing.
"IndiGrid signed a share purchase agreement on January 21, 2023, for the acquisition of a 100% shareholding and economic interest, in one or more tranches, in Khargone Transmission from Sterlite Power Transmission (one of the sponsors of IndiGrid)," the company said in a statement.
The completion of the acquisition, however, would depend on receipt of unitholders' consent, regulatory and other approvals as well as completion of contractual obligations, it added.
Khargone Transmission was incorporated on November 28, 2015.
The transmission project was awarded by the ministry of power for a 35-year period from the scheduled commercial operation date on a build, own, operate and maintain (BOOM) basis.
It has six elements-one substation element; three transmission line elements; one loop-in-loop-out (LILO) element and one line bay. The project is located in Madhya Pradesh and Maharashtra.
The project was envisaged with the objective to improve power supply and grid reliability by delivering 1,320 MW of thermal power from Khargone power plant to consumers in the domestic, commercial, agricultural and industrial segments in Madhya Pradesh and Maharashtra.
IndiGrid Trust shares closed 0.37% down at ₹139.50 on the BSE Monday, a day when the the benchmark Sensex gained 0.53%.
"IndiGrid signed a share purchase agreement on January 21, 2023, for the acquisition of a 100% shareholding and economic interest, in one or more tranches, in Khargone Transmission from Sterlite Power Transmission (one of the sponsors of IndiGrid)," the company said in a statement.
The completion of the acquisition, however, would depend on receipt of unitholders' consent, regulatory and other approvals as well as completion of contractual obligations, it added.
Khargone Transmission was incorporated on November 28, 2015.
The transmission project was awarded by the ministry of power for a 35-year period from the scheduled commercial operation date on a build, own, operate and maintain (BOOM) basis.
It has six elements-one substation element; three transmission line elements; one loop-in-loop-out (LILO) element and one line bay. The project is located in Madhya Pradesh and Maharashtra.
The project was envisaged with the objective to improve power supply and grid reliability by delivering 1,320 MW of thermal power from Khargone power plant to consumers in the domestic, commercial, agricultural and industrial segments in Madhya Pradesh and Maharashtra.
IndiGrid Trust shares closed 0.37% down at ₹139.50 on the BSE Monday, a day when the the benchmark Sensex gained 0.53%.
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