India Grid Trust and GR Infraprojects (GRIL) have announced a strategic partnership in the Indian power transmission sector. An MoU has been signed to jointly bid for identified TBCB (Tariff Based Competitive Bidding) transmission projects aggregating to Rs 50 billion.
Additionally, to commence the partnership, IndiGrid and GRIL have entered into a framework agreement to acquire 100 per cent stake in Rajgarh Transmission, which GRIL had won in March 2022. GRIL with its proven capabilities in project execution will develop and execute the project, while IndiGrid, with its operational and financial capabilities, will operate and manage the asset post-acquisition from GRIL upon its COD.
“We believe this partnership with IGT is a significant milestone in the journey towards building a presence in Power Utility for GRIL. With our dynamic synergies, we will establish ourselves as pioneer developers in this sector. Successful closure of this project will bring immense value to both the organisations and public at large. And we look froward to strengthening this partnership even further.”, said Ashwin Agarwal of GRIL.
Commenting on this partnership, Harsh Shah, CEO of IndiGrid, said, “We are delighted to announce this partnership with GR infra. They have an impeccable track record of executing infrastructure projects in the country. The partnership stands to benefit from GRIL’s strengths of execution and developmental capabilities on the ground and synergies from IndiGrid’s operational portfolio. This partnership is in line with our strategy to acquire value accretive operational transmission assets.”
