India Grid Trust (IndiGrid), in a stock exchange, filing said that it has completed the acquisition of 74 per cent equity stake in Parbati Koldam Transmission Company Ltd (PKTCL).
Parbati Koldam Transmission Company Ltd (PKTCL) is a joint venture between Reliance Infrastructure Ltd (equity: 74 per cent) and Power Grid Corporation of India Ltd (PGCIL: equity: 26 per cent).
IndiGrid has bought out the entire equity stake held by Reliance Infrastructure Ltd (Anil Ambani Group)
“The acquisition of aforesaid power transmission asset is in line with IndiGrid’s investment strategy as provided in the Trust Deed focused on stable distribution to unitholders by owning power infrastructure assets with long term tariff contracts,” IndiGrid said in a stock exchange filing.
PKTCL was formed in September 2002 as a joint venture between PGCIL (26 per cent) and RInfra (74 per cent). The company was formed to develop, own and manage power transmission infrastructure for evacuation from the 800-mw Parbati-II hydropower project of NHPC and the 800-mw Koldam hydropower project of NTPC. Parbati-II, a run-of-river scheme on River Kullu in Himachal Pradesh, is expected to commission by March 2022. The Koldam project, also in Himachal Pradesh, is fully operational. Incidentally, the Koldam project marks the diversification of thermal-centric NTPC into hydropower.
PKTCL operates around 458 ckm of transmission lines that make the inter-state transmission system for power evacuation from Parbati-II and Koldam projects. PKTCL signed the transmission service agreement (TSA) with PGCIL in December 2013.
In November 30, 3030, India Grid Trust (IndiGrid) announced that has signed a share purchase agreement to acquire 74 per cent equity stake in Parbati Koldam Transmission Company Ltd from RInfra. In a stock exchange filing, IndiGrid said that the SPA was signed on November 28, 2020 and that the completion of the acquisition process would depend on receipt of necessary approvals and completion of contractual obligations.
