India Grid Trust will acquire 100% stake in Khargone Transmission Ltd from Sterlite Power Transmission Ltd for an enterprise value of up to 14.98 bln rupees, in one or more tranches, according to the company release.
The acceptance of unitholder permission, regulatory and other pertinent approvals, as well as the fulfilment of contractual commitments, are all necessary for the acquisition to be completed.
The acquisition of the aforementioned electricity transmission asset is consistent with India Grid's investment strategy, which is outlined in the trust deed and focuses on owning assets with long-term contracts to provide reliable distribution to unitholders.
Khargone Transmission had a 1.35 billion rupee revenue as of March 2022.
On the NSE, shares of India Grid Trust were trading 0.5% higher at 139.88 rupees at 10:00 IST.
