IndiGrid has announced that it will acquire NERES XVI Power Transmission Ltd, an inter-state transmission project in Northeast India, from Techno Electric & Engineering Company Ltd (TEECL) at an enterprise value of up to Rs 4.6 billion. The acquisition will take place after the project’s commissioning and receipt of all necessary approvals.

The project comprises a 400/220/132 kV substation with 1,400 MVA transformation capacity and a 45 km double-circuit transmission line, strategically located near IndiGrid’s existing assets in the region. The targeted commissioning date is December 2026.

Under the arrangement, TEECL will execute the project as the developer and EPC provider, with IndiGrid offering oversight and support. Following the Commercial Operation Date (COD) and clearances, the project will transfer to IndiGrid at a value not exceeding Rs 4.6 billion.

Harsh Shah, Managing Director of IndiGrid, said:

“This acquisition furthers our strategy of disciplined growth through high-quality projects.”

IndiGrid has previously acquired two operational transmission assets from TEECL, while TEECL has invested in two of IndiGrid’s under-construction projects, continuing to provide end-to-end EPC solutions.

Padam Prakash Gupta, Managing Director of TEECL, added:

“We are delighted to strengthen our collaboration with IndiGrid through this strategically important transmission project in the Northeast.”