 "Reliance Infra sells 74% stake in PKTCL worth Rs 900 cr to IndiGrid")
Reliance Infrastructure Limited (RInfra) on Saturday said it has completed the sale of its entire 74 per cent equity stake in Parbati Koldam Transmission Company Limited (PKTCL) to India Grid Trust (IndiGrid) for an enterprise value of Rs 900 crore.
RInfra owned 74 per cent in Parbati Koldam Transmission Company Limited (PKTCL) located in the state of Himachal Pradesh and Punjab in a joint venture with Power Grid Corporation of India Limited (PGCIL).
The deal, which was announced in November 2020, has now been completed with the transfer of shares of PKTCL and receipt of sale consideration, said a press release from the company.
IndiGrid is India’s first infrastructure investment trust in the power sector, owning AAA-rated power transmission assets. With this acquisition, IndiGrid owns 12 operating power transmission assets with a total AUM of over Rs 14,500 crore. The entire sale proceeds of Rs 900 crore will be utilised for debt reduction.
RInfra has reduced its total debt liabilities by 6 per cent from the deal proceeds.
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