IndiGrid to Acquire Sterlite Power’s Khargone Transmission for 1,497 Cr.
India Grid Trust (IndiGrid) has stated in a stock filing dated 22nd January 2023 that it has signed a share purchase agreement with Sterlite Power Transmission Ltd. (SPTL) to acquire Khargone Transmission Ltd. (KTL) from it. IndiGrid will purchase 100% shares in KTL for about Rs. 1,497 crore.
IndiGrid will be acquiring these shares in one or more tranches. The acquisition will be complete once necessary approvals for the same are obtained.
KTL was incorporated in November 2015 to execute an Inter-State Transmission System (ISTS)-connected project for the evacuation of power from NTPC’s 2×660 MW Khargone Thermal Power Plant in Madhya Pradesh. Sterlite Power acquired KTL in 2015 through Tariff Based Competitive Bidding (TBCB) on a Build-Own-Operate-Maintain (BOOM) basis from NTPC. In January 2022, work on Sterlite Power’s KTL project was completed. This power is supplied to households in Madhya Pradesh, Maharashtra and Gujarat.