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IndiGrid completes acquisition of transmission asset from Sterlite Power

Tuesday, 24 Mar 2020
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India Grid Trust (IndiGrid), an infrastructure investment trust has acquired another transmission asset, East North Interconnection Company (ENICL), from Sterlite Power at a value of USD 134 million (Rs 10.2 billion). 
With this acquisition, IndiGrid’s AUM will increase by 10 percent to around USD 1.6 billion. 
The company’s asset portfolio will increase to nine power transmission projects, with a total network of 20 power transmission lines spanning across more than 5,800 circuit km across 13 Indian states. 
ENICL is a part of the Inter State Transmission System (ISTS) network developed by Sterlite Power. It consists of two 400 KV transmission lines with a total approximately 900 circuit km across Assam, Bihar and West Bengal. 
IndiGrid had signed an extension of Right of First Offer agreement with Sterlite Power for ENICL in May 2019. The acquisition has been funded by internal accruals, proceeds from the preference issue done in May 2019 and new debt. 
For the purpose of refinancing the existing debt in ENICL, IndiGrid has availed funding of Rs nine billion from Axis Bank. With this acquisition, IndiGrid’s net debt/AUM will be at approximately 49 percent. 
IndiGrid has another around USD 855 million (about Rs 65 billion) pipeline of transmission projects under the framework agreement with Sterlite Power providing visibility of around USD 2.4 billion (Rs 180 billion) of AUM over next two years. 
IndiGrid raised USD 330 million (Rs 25.1 billion) of capital by way of preferential issue which was subscribed by KKR and GIC amongst other marquee investors in FY20. It acquired NRSS XXIX and OGPTL projects from Sterlite Power for a consideration of USD 671 million (around Rs 51 billion). 
Moreover, it has entered into an exclusive framework agreement with Sterlite Power to acquire three more projects worth around Rs 65 billion as and when they are commissioned. KKR also acquired majority interest in the investment manager of IndiGrid.
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