Mumbai: India Grid Trust has completed the largest transmission project deal by acquiring NER-II Transmission Ltd from Sterlite Power at an enterprise value of Rs 4,625 crore.
With the acquisition, IndiGrid's assets under management have increased by 34 per cent to 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 circuit km and 13,350 megavolt amperes (MVA) in 17 states and one 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 acquisition of NER-II on March 5, 2021.
NER-II is part of Inter State Transmission Scheme (ISTS) network and was awarded on a build, own, operate and maintain basis with a contractual period of 35 years. The project has 11 elements including two substations of 1,260 MVA capacity and four transmission lines extending over 830 circuit km.
The asset spans across Assam, Arunachal Pradesh and Tripura and is of strategic importance for the delivery of power in one of the toughest regions in the country.