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Home » News » IndiGrid acquires Sterlite Power’s NER-II substations and transmission lines

IndiGrid acquires Sterlite Power’s NER-II substations and transmission lines

By March 30, 2021 3:39 pm IST

IndiGrid acquires Sterlite Power’s NER-II substations and transmission lines
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The NER-II consists of 2 Substations of ~1,260 MVA capacity and 4 Transmission Lines across ~830 ckms.

India Grid Trust (IndiGrid), India’s first and one of the largest power sector infrastructure investment trust (InvIT), has completed the largest transmission project deal by acquiring NER-II Transmission Limited from Sterlite Power at an enterprise value of ₹4,625 Cr. With this acquisition, IndiGrid’s AUM has increased by 34 percent to ₹20,000 Cr ($2.70 Bn). 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 7570 circuit kilometers & 13,350 MVA in 17 Indian states and 1 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 the acquisition of NER-II on March 5, 2021. Pursuant to this, the unitholders approved the transaction unanimously with 100 percent of the votes cast in favour of the acquisition in the Extra-Ordinary General Meeting held on March 19, 2021.

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