India Grid Trust (IndiGrid), on July 30, 2022, signed the share purchase agreement (SPA) to acquire Raichur Sholapur Transmission Company Pvt Ltd (RSTCPL), an operational transmission asset, from its existing owners.
The SPA was signed for acquisition of 100 per cent shareholding and economic interest in RSTCPL from its existing owners:
- Patel Engineering Ltd (33.34 per cent equity stake)
- Simplex Infrastructures Ltd (33.33 per cent)
- BS Ltd (33.33 per cent)
The completion of acquisition would depend upon receipt of relevant approvals and completion of contractual obligations, IndiGrid said in a stock exchange filing.
The acquisition would be made for an enterprise value not exceeding Rs.250 crore, the filing said.
Background
RSTCPL was incorporated on November 19, 2009 and entered into a TSA with long term transmission customers in August 2010. RSTCPL operates one single circuit 765kV transmission line between Raichur and Sholapur, with a line length of approximately 208 ckm. The asset, straddling Maharashtra and Karnataka, was fully commissioned in July 2014. During the FY22, RSTCPL had total revenue of Rs.38.70 crore.
According to information available with T&D India but not released in the IndiGrid filing, the Raichur-Sholapur transmission project was the first time that an interstate TBCB power transmission project was developed using the consortium approach. Till then, all projects were bid for by single developers, which is still the general norm. It is also the first 765kV transmission project awarded under the TBCB route.
Featured photograph (source: Patel Engineering Ltd) shows an element of the 765kV Raichur-Sholapur transmission line.
