India Grid Trust, India’s first and the largest power sector infrastructure investment trust (InvIT), has completed the largest transmission project deal by acquiring NER-II Transmission from Sterlite Power at an enterprise value of INR 4,625 crore ($610 million).
With this acquisition, IndiGrid’s AUM has increased by 34 percent to INR 20,000 crore ($2.7 billion). The platform’s asset portfolio now consists of 13 power transmission projects, with a total network of 38 power transmission lines and 11 substations extending over 7,570 circuit kilometers and 13,350 MVA in 17 Indian states and one Union Territory.
The acquisition of NER-II was envisaged as part of the framework agreement signed with Sterlite Power in April 2019. The investment manager of IndiGrid had signed a definitive share purchase agreement for the acquisition of NER-II on March 5, 2021.
NER-II is part of Inter State Transmission Scheme (ISTS) network, and was awarded on a build, own, opera
