IndiGrid Infrastructure Trust has entered into agreements to acquire Luhri Power Transmission Limited (LPTL) from Enerica ReGrid Infra Private Limited (EnerGrid) or one of its group entities, with the transaction valued at an enterprise value of up to ₹1,336 crore, subject to closing adjustments.
The acquisition will be completed in one or more tranches after the project becomes a completed and revenue-generating asset, in accordance with the Transmission Service Agreement (TSA). IndiGrid will acquire the entire shareholding and management control of LPTL, subject to the required approvals and transaction conditions.
Luhri Power Transmission Limited is an inter-State Transmission System (ISTS) project in the power transmission sector. The project is being developed to establish a transmission system for the evacuation of power from the Sunni Dam Hydro Electric Power Project (HEP) and Luhri Stage-I HEP.
LPTL was incorporated on October 28, 2022, by REC Power Development and Consultancy Limited (REC) for executing the transmission project. The project’s expected Commercial Operation Date (COD) is in Q3 FY2030.
The target entity currently has a paid-up capital of ₹5 lakh and has reported no turnover as it is currently under construction.
IndiGrid said the acquisition is aligned with its investment strategy of owning assets backed by long-term contracts, with the objective of supporting stable distributions to its unitholders.
The transaction is proposed to be completed at an enterprise value not exceeding ₹13,360 million (₹1,336 crore), subject to the closing adjustments specified in the agreements. The consideration will be in cash or another mutually agreed manner, subject to applicable conditions.
Following completion, IndiGrid is expected to hold the entire shareholding and management control of LPTL in one or more tranches.
