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IndiGrid signs share purchase agreement for acquisition of Jhajjar KT Transco

Monday, 01 Jun 2020
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The India Grid Trust (IndiGrid) has executed share purchase agreement for acquisition of 100 percent stake in Jhajjar KT Transco (JKTPL) from Kalpataru Power Transmission (KPTL) and Techno Electric & Engineering Company (TEECL).

The indicative value of the transaction is approximately Rs 310 crore and is subject to certain adjustments on account of assets and liabilities at the time of closing of the transaction. The transaction is also subject to requisite approvals and compliances.

JKTPL is an operational intra-state asset awarded on a design, build, finance, operate and transfer (DBFOT) basis, with a contractual period of 25 years and a provision of further 10 year extension. It consists of three 400 kV transmission lines spread across 103 km in Haryana with two substations with a transformation capacity of 830 MVA. The project has been operational for eight years with a robust collection track record and receivable cycle of less than a month.

It is a strategic asset for Haryana state distribution companies and the key evacuation transmission system from the 1,320 MW thermal power plant in Jhajjar. The transaction with KPTL and TEECL also reinforces the opportunity to grow IndiGrid portfolio through value accretive acquisitions of quality transmission assets.

The acquisitions, expected to be completed over the next couple of months and subject to customary closing adjustments and regulatory approvals, will be funded through a combination of debt and internal accruals. IndiGrid’s portfolio will increase to 10 power transmission projects with a total network of 23 power transmission lines that span more than 6,000 circuit km across 14 states post the acquisition.

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