India Grid Trust has completed acquisition of 74% paid-up capital of Jhajjar KT Transco Private Limited (JKTPL) from Kalpataru Power Transmission Limited (KPTL) and Techno Electric & Engineering Company Limited ("TEECL").
The acquisition of aforesaid power transmission asset is in line with the IndiGrid investment strategy as provided in the Trust Deed with a focus to ensure stable distribution to unitholders by owning assets with long term contracts.
JKTPL being a Power Transmission Company, the approval from Haryana Vidyut Prasaran Nigam Limited ("HVPNL") has been obtained for the aforesaid acquisition.
The acquisition was done at an enterprise value of Rs. ~3,100 million subject to all other adjustments on account of movement in cash, tariff receivables, other assets, liabilities outstanding and as specified in the definitive documents to be adjusted on actual closing date of the transaction.
JKTPL was incorporated on May 19, 2010 and entered into a TSA with HVPNL in the same month. JKTPL operates two EHV overhead transmission lines of ~103 kms and two substations comprising of 2x315 MVA + 2x100 MVA transformation capacity in the state of Haryana, India. The Asset was fully commissioned in March, 2012. During the FY 2019-20, JKPTL had a total Revenue of ~Rs. 39 Crores.
IndiGrid Limited (formerly known as Sterlite Grid 1 Limited), the wholly owned entity of IndiGrid will act as the Project Manager for JKTPL.