IndiGrid
| Company type | Public |
|---|---|
| Industry | Power transmission, Renewable energy |
| Founded | October 21, 2016 |
| Headquarters | India , India |
Area served | India |
Key people | Harsh Shah (CEO and Director), Jyoti Kumar Agarwal (CFO) |
| Products | Power transmission assets, renewable energy assets |
| Owner | KKR, Sterlite Power (sponsors) |
| Website | www |
India Grid Trust (IndiGrid) operates as an infrastructure investment trust (InvIT) within India's power sector, with sponsorship from KKR and Sterlite Power (SPTL). Incorporated on 21 October 2016, it is registered under the Securities and Exchange Board of India (SEBI) InvIT regulations to manage assets related to power transmission and renewable energy. The leadership team includes Harsh Shah as CEO and Director, alongside Jyoti Kumar Agarwal fulfilling the role of CFO.
By March 2021, IndiGrid's portfolio comprised 14 operational projects featuring 40 transmission lines extending over 7,570 ckms and 11 substations with a combined transformation capacity of 13,550 MVA. The trust is publicly traded on both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).
History
The Securities and Exchange Board of India (SEBI) introduced regulations for Infrastructure Investment Trusts (InvITs) in 2014 to stimulate expansion in the country's infrastructure domain.
IndiGrid was launched in October 2016 under these SEBI InvIT guidelines, with Sterlite Power acting as its sponsor.
In May 2017, IndiGrid conducted its initial public offering (IPO), targeting ₹2,250 crore. This move positioned it as the pioneer InvIT in the power sector and the second InvIT to be listed on Indian stock exchanges after IRB InvIT Fund. By June 2017, IndiGrid secured listings on BSE and NSE while operating two projects. Ahead of the IPO, it attracted over ₹1,012 crore from anchor investors such as Deutsche Global Infrastructure Fund, Credit Suisse (Singapore), Reliance Nippon Life Insurance, Copthall Mauritius Investment, and Edelweiss Tokio Life Insurance.
In May 2019, IndiGrid raised upwards of ₹2,500 crore through a preferential allotment involving KKR, GIC—holding stakes of 23% and 20% respectively—and other capital market participants.
By September 2020, more than 75% of unitholders approved the onboarding of Esoteric II, an associate of KKR, as a sponsor.
December 2020 marked a strategic partnership between IndiGrid and IBM to create an AI-powered asset management platform focused on digitally transforming vital power infrastructure.
In March 2021, IndiGrid secured ₹1,284 crore through a rights issue priced at ₹110 per unit to preserve leverage capacity and support upcoming acquisitions.
Portfolio Assets
At its June 2017 listing on Indian stock exchanges, IndiGrid's initial portfolio included two assets valued at INR 38 billion: Bhopal Dhule Transmission Company Limited and Jabalpur Transmission Company Limited. These encompassed eight transmission lines totaling roughly 1,936 ckms along with two substations offering 6,000 MVA capacity across four states.
In February 2018, IndiGrid expanded by acquiring three transmission assets from its sponsor Sterlite Power Grid Ventures Ltd for Rs 1,410 crore: Purulia & Kharagpur Transmission Company Limited, RAPP Transmission Company Limited, and Maheshwaram Transmission Limited.
The first third-party investment occurred in September 2018 when IndiGrid took a Rs 232-crore stake in Patran Transmission Company (PTCL).
July 2019 saw further portfolio growth through acquisition of two transmission assets from Sterlite Power valued at Rs 5,025 crore: NRSS XXIX Transmission (NTL) and Odisha Generation Phase-II Transmission (OGPTL).
By March 2020, IndiGrid completed the purchase of its ninth asset—East-North Interconnection (ENICL)—from Sterlite Power for US$134 million (approximately Rs 1,020 crore).
In May 2020, IndiGrid agreed to acquire full ownership of a Haryana-based transmission asset located at Jhajjar for Rs 310 crore from Kalpataru Power Transmission and Techno Electric & Engineering Company.
The acquisition of Gurgaon Palwal Transmission (GPTL) project followed in August 2020 at an enterprise valuation near Rs 1,080 crore.
November 2020 marked IndiGrid’s agreement to acquire a controlling 74% stake in Parbati Koldam Transmission Co. Ltd. from Reliance Infrastructure Ltd., part of the Anil Ambani group. The transaction involved an enterprise value close to Rs 900 crore (US$121.6 million) with a deal price around Rs 666 crore (US$90 million).
IndiGrid ventured into renewable energy in December 2020 by acquiring FRV Andhra Pradesh Solar Farm-I Pvt. Ltd and FRV India Solar Park II Pvt. Ltd from FRV Solar Holdings XI B.V.
In March 2021, the trust acquired NER-II Transmission Ltd from Sterlite Power for Rs 4,625 crore—the largest single-asset deal ever recorded in India’s transmission sector—resulting in a 34% increase in Assets Under Management (AUM), raising it to Rs 20,000 crore.