PGInvIT investment manager board okays Rs 644.15 cr for acquisition

On February 28, the board directors of POWERGRID Unchahar Transmission Ltd - the investment manager to PGInvIT, approved Rs 644.15 crore investment for acquiring stakes in many assets of Power Grid Corporation of India Ltd (PGCIL). The board cleared acquiring the balance of 26% equity shareholding of POWERGRID Vizag Transmission Ltd by PGInvIT. It is at a consideration of not surpassing Rs 340 crore, subject to the approval of the unitholders of PGInvIT. It also approved the purchase of other revenues accruing to the PGInvIT's Special Purpose Vehicles (SPVs) POWERGRID Parli Transmission Ltd, POWERGRID Warora Transmission Ltd, and POWERGRID Jabalpur Transmission Ltd from POWERGRID for a consideration not exceeding Rs 81.01 crore, Rs 111.84 crore, and Rs 111.30 crore, respectively, from POWERGRID, subject to the approval of the unitholders of PGInvIT. The board even approved a Postal Ballot Notice for seeking approval of unitholders of PGInvIT on the investment of Rs 644.15 crore. Image Source Also read: PGCIL pauses laying of overhead transmission lines in Rajasthan