Companies

RInfra sold 74% equity stake in PKTCL to IndiGrid

Our Bureau Mumbai January 9 | Updated on January 09, 2021

Transaction valued at ₹900 crore

Reliance Infrastructure Limited (RInfra) has sold its entire 74 per cent equity stake in Parbati Koldam Transmission Company Limited (PKTCL) to India Grid Trust (IndiGrid) for an enterprise value of ₹900 crore.

RInfra owns 74 per cent in PKTCL located in the state of Himachal Pradesh and Punjab in joint venture with Power Grid Corporation of India Limited (PGCIL).

Also read: IndiGrid to buy 74% stake in Parbati Koldam Transmission

The deal was announced in November 2020 with the signing of a definitive binding agreement between RInfra and IndiGrid and has now been completed with transfer of shares of PKTCL, and receipt of sale consideration.

IndiGrid is India’s first power sector Infrastructure Investment Trust, owning AAA rated power transmission assets in India. With this acquisition, IndiGrid owns 12 operating power transmission assets with a total AUM of over ₹14,500 crore.

Also read: Reliance Infra completes sale of Delhi-Agra toll road to Cube Highways for ₹3,600 cr

The total transaction value is ₹900 crore. The entire sale proceeds are being utilised for debt reduction.

RInfra has reduced its total debt liabilities by 6 per cent from the deal proceeds.

Published on January 09, 2021

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