IndiGrid to acquire transmission project for enterprise value up to Rs 460 cr from TEECL

New Delhi, Aug 21 (PTI) IndiGrid on Thursday said it will acquire NERES XVI Power Transmission Ltd, an inter-state transmission project, post commissioning, at an enterprise value of up to Rs 460 crore, from Techno Electric & Engineering Company.

The project, located in the northeastern region of India, close to IndiGrid’s existing assets, comprises a substation of 400/220/132 kV with a total transformation capacity of 1,400 MVA, and 45 km of double-circuit transmission line.

IndiGrid has signed definitive agreements with Techno Electric & Engineering Company Ltd (TEECL), to acquire NERES XVI Power Transmission Ltd (NPTL), post the commencement of commercial operations of the project and receipt of all requisite approvals, a company statement said.

The targeted commissioning date is December 2026, the statement added.

The project will be executed by TEECL as the developer and EPC provider, with IndiGrid providing active oversight and support.

Post achieving Commercial Operation Date (COD) and receipt of required approvals, the project will be acquired by IndiGrid at a value not higher than Rs 460 crore.

"This acquisition furthers our strategy of disciplined growth through high-quality projects," Harsh Shah, Managing Director of IndiGrid, said.

Over the years, IndiGrid has successfully acquired two operating transmission assets from TEECL, while TEECL has invested in two of IndiGrid's under-construction projects, where it continues to deliver end-to-end EPC solutions.

"We are delighted to strengthen our collaboration with IndiGrid through this strategically important transmission project in the Northeast," Padam Prakash Gupta, Managing Director, TEECL said.

IndiGrid is the first Infrastructure Investment Trust in the Indian power sector. It owns 43 power projects, consisting of 53 transmission lines with more than 9,336 ckms (circuit km) length, 16 substations with 25,050 MVA transformation capacity, 1.15 GWAC (1.5 GWp) of solar generation capacity, and 450 MW / 900 MWh of Battery Energy Storage Systems.

IndiGrid has assets under management (AUM) of over Rs 324 billion (USD 3.75 billion). PTI KKS DRR