30 May 2020
India Grid Trust
India Grid Trust announced the execution of SPA for acquisition of 100% stake in Jhajjar KT Transco (“JKTPL”) from Kalpataru Power Transmission (“KPTL”) and Techno Electric & Engineering Company (“TEECL”). The indicative value of the transaction is Rs 310 crore and is subject to certain adjustments on account of assets and liabilities at the time of closing of the transaction. The transaction is also subject to requisite approvals and compliances.

JKTPL, is an operational intra state asset awarded on a Design Build Finance Operate and Transfer (“DBFOT”) basis, with a contractual period of 25 years and a provision of further 10-year extension. It consists of three 400 KV transmission lines spread across 103 kms in Haryana with 2 substations with a transformation capacity of 830 MVA. The project has been operational for 8 years with a robust collection track record and receivable cycle of less than a month. It is a strategic asset for Haryana state distribution companies and the key evacuation transmission system from the 1,320 MW thermal power plant in Jhajjar.

This transaction with KPTL and TEECL also reinforces the opportunity to grow the IndiGrid portfolio through value accretive acquisitions of quality transmission assets. It is also the 2nd transaction with TEECL, after acquisition of Patran Transmission Company Limited (“PTCL”) in August 2018, thus further strengthening its established association with TEECL as well as beginning of a new relationship with KPTL, a reputed EPC company and developer of infrastructure assets in India.

The acquisition, expected to be consummated over next couple of months and is subject to customary closing adjustments and regulatory approvals, will be funded through a combination of debt and internal accruals. IndiGrid's portfolio will increase to 10 power transmission projects with a total network of 23 power transmission lines that span more than 6,000 circuit kilometers across 14 states post this acquisition.

ERIS Lifescience
ERIS Lifesciences will hold a meeting of the Board of Directors of the Company on 2 June 2020.
Infibeam Avenues
Infibeam Avenues will hold a meeting of the Board of Directors of the Company on 5 June 2020.