IndiGrid to acquire RSTCPL for Rs 250 cr

IndiGrid, a power sector infrastructure investment trust, has signed a share purchase agreement for the acquisition of a 100% stake in Raichur Sholapur Transmission Company (RSTCPL) for over Rs 250 crore. IndiGrid has acquired the shares from Patel Engineering, Simplex Infrastructures and BS Limited, each owning a 33.33% stake, respectively. The completion of the acquisition would depend upon receipt of relevant approvals and completion of contractual obligations. “As a low-risk operational transmission asset with long-term contracted cash flows and minimal counterparty risk, this acquisition fits in well with IndiGrid’s growth strategy, said Jyoti Kumar Agarwal, CEO, IndiGrid, adding that the acquisition would be a distribution point unit (DPU) accretive and will provide further visibility to sustain the increased DPU of Rs 3.30 for a longer period of time. IndiGrid has assets under management of over Rs 210 billion and owns 14 operating power projects, consisting of 40 transmission lines with more than 7,570 km length, 11 substations, one project under construction and 100 MW (AC) of solar generation capacity.