India Grid Trust, an infrastructure investment trust, today announced the acquisition of another transmission asset worth $134 million, East North Interconnection Company Limited (ENICL), from transmission firm Sterlite Power.
“This acquisition is in line with our strategy to acquire accretive assets with long term certainty of cash flows,” Indigrid Chief Executive Officer Harsh Shah said.
He added IndiGrid has additional $855 million pipeline of transmission projects under the framework agreement with Sterlite Power providing visibility of $2.4 billion of assets under management over the next two years.
With this acquisition, IndiGrid’s assets under management will increase by 10 per cent to $1.6 billion and the move will increase the company’s asset portfolio to nine power transmission projects, with a total network of 20 power transmission lines.
For the purpose of refinancing existing debt in ENICL, IndiGrid has availed funding of Rs 9.0 billion from Axis Bank. With this acquisition, the company’s net AUM will stand at 49 per cent.
ENICL is a part of the inter state transmission system network developed by Sterlite Power. It consists of two 400 kilovolt transmission lines with a total 900 circuit kilometers across Assam, Bihar and West Bengal.