Power transmission investment trust IndiGrid on Tuesday said it has completed the acquisition of its ninth transmission asset from Sterlite Power at a value of USD 134 million or Rs 1,020 crore.
With the acquisition of East North Interconnection (ENICL) from SterlitePower, IndiGrid's assets under management (AUM) will increase by 10 per cent to USD 1.6 billion, the company said in a statement.
Its portfolio will increase to nine power transmission projects with a total network of 20 power transmission lines spanning across more than 5,800 circuit kilometres across 13 Indian states.
Commenting on the acquisition, IndiGrid CEOHarsh Shah said, "this acquisition is in line with our strategy to acquire accretive assets with long term certainty of cash flows. Our focus is to not only ensure stable distribution to unit holders by owning assets with long term contracts but also grow it with accretive acquisitions."
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