India Grid Trust said it has completed acquisition of 74% paid-up capital of Jhajjar KT Transco (JKTPL) from Kalpataru Power Transmission and Techno Electric & Engineering Company.
India Grid has acquired 74% paid up capital of JKTPL at an enterprise value of about Rs 310 crore and the remaining shareholding will be acquired in accordance with the terms of the definitive agreement. IndiGrid will act as the project manager for JKTPL. 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 unit holders by owning assets with long term contracts.Incorporated on 19 May 2010, JKTPL is a power transmission company. It 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 crore. It had paid up capital of Rs 22.657 crore and net worth of Rs 107 crore as on financial year ended March 2020.
India Grid is an infrastructure investment trust (InvIT) established to own inter-state power transmission assets in India. India Grid was established on 21 October 2016 by its sponsor, Sterlite Power Grid Ventures, and is registered with SEBI pursuant to the InvIT Regulations.
On a consolidated basis, net profit of India Grid Trust rose 154.52% to Rs 85.62 crore on 67.06% rise in total income to Rs 367.45 crore in Q1 June 2020 over Q1 June 2019.
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