NEW DELHI: India Grid Trust on Saturday said that it has inked an agreement to acquire 74 per cent stake in Parbati Koldam Transmission Company from Reliance Infrastructure.
“India Grid Trust has signed share purchase agreement on November 28th, 2020 for acquisition of 74 per centin Parbati Koldam Transmission Company Ltd (PKTCL) from Reliance Infrastructure Ltd,” a BSE filing said.
The completion of acquisition would depend upon receipt of relevant approvals and completion of contractual obligations, it added.
According to filing, the implied enterprise value (for 100% equity shares) is Rs 900 crore inclusive of cash & cash reserves and normalised tariff receivables, subject to adjustments on account of movement in cash, deviation in outstanding debt, tariff receivables, assets, liabilities outstanding.
PKTCL was incorporated on September 2, 2002. PKTCL is joint venture between Reliance Infrastructure Limited (74%) and Power Grid Corporation of India Limited(26%).
PKTCL operates 458 circuit kilometres of transmission lines constituting inter-state transmission system for evacuation of power from the Parbati-II HEP implemented by NHPC Limited and Koldam HEP implemented by NTPC Limited.
The Asset was fully commissioned in June 2015. During the FY2019-20, PKTCL had a total Revenue of Rs 209 crores.
Source: Press Trust of India