IndiGrid inks pact to acquire 74% stake in Parbati Koldam from Reliance Infra

India Grid Trust on Saturday said that it has inked an agreement to acquire 74 per cent stake in Parbati Koldam TransmissionCompanyfrom Reliance Infrastructure.

"India Grid Trust has signed sharepurchase agreement on November 28th, 2020 for acquisition of 74 per centin Parbati Koldam TransmissionCompany Ltd(PKTCL) from Reliance Infrastructure Ltd," a BSE filing said.

The completion of acquisition would dependupon receipt of relevant approvals and completion of contractual obligations, it added.

According to filing, the implied enterprise value (for 100% equity shares) is Rs900 croreinclusive of cash & cash reserves andnormalised tariff receivables, subject to adjustments on account of movement in cash, deviation in outstandingdebt, tariff receivables, assets, liabilities outstanding.

PKTCL was incorporated on September 2, 2002. PKTCLis joint venture between Reliance Infrastructure Limited (74%) and Power Grid Corporation of India Limited(26%).

PKTCL operates 458 circuitkilometres of transmission lines constituting inter-statetransmission system for evacuation of power from theParbati-II HEP implemented by NHPC Limited andKoldam HEP implemented by NTPC Limited.

The Assetwas fully commissioned in June 2015. During the FY2019-20, PKTCL had a total Revenue of Rs 209 crores.