Reliance Infrastructure Limited (RInfra) on Saturday announced it has successfully completed the sale of its entire 74 per cent equity stake in Parbati Koldam Transmission Company Limited (PKTCL) to India Grid Trust (IndiGrid) for an enterprise value of Rs 900 crore.
In a regulatory filing, the company said, “Reliance Infrastructure Limited (RInfra) announce the successful completion of sale of its entire 74% equity stake in Parbati Koldam Transmission Company Limited (PKTCL) to India Grid Trust (IndiGrid) for an enterprise value of ~Rs.900 crore.”
“RInfra owns 74% in Parbati Koldam Transmission Company Limited (PKTCL) located in the state of Himachal Pradesh and Punjab in joint venture with Power Grid Corporation of India Limited (PGCIL),” it added.
It further said that the deal was announced in November 2020 with the signing of a definitive binding agreement between RInfra and IndiGrid and has now been completed with transfer of shares of PKTCL, and receipt of sale consideration.
IndiGrid (BSE: 540565, NSE: INDIGRID) is India’s first power sector Infrastructure Investment Trust, owning AAA-rated power transmission assets in India. With this acquisition, IndiGrid owns 12 operating power transmission assets with a total AUM of over Rs 14,500 crore.
The total transaction value is Rs 900 crore. The entire sale proceeds are being utilised for debt reduction.
RInfra has reduced its total debt liabilities by 6 per cent from the deal proceeds.
Reliance Infrastructure Limited (RInfra) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.