Reliance Infra sells 74% stake in PKTCL worth Rs 900 cr to IndiGrid

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 (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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *