IndiGrid, India’s largest publicly listed power sector Infrastructure Investment Trust (InvIT), has signed a definitive agreement with Techno Electric & Engineering Company Limited (TEECL) to acquire the NERES XVI Power Transmission Limited (NPTL) project post-commissioning. The acquisition is valued at an enterprise value (EV) of up to INR 460 crore.
The NPTL project, located in India’s northeastern region near IndiGrid’s existing assets, includes a 400/220/132 kV substation with a total transformation capacity of 1,400 MVA and a 45 km double-circuit transmission line. The project is slated for commissioning in December 2026. Once operational, it is expected to contribute approximately INR 49 crore in annual tariff revenues to IndiGrid.
Under the agreement, TEECL will serve as the developer and EPC provider, handling end-to-end project execution and management. IndiGrid will provide active oversight during construction and acquire the project once commercial operations are achieved and all necessary approvals are received.
This transaction marks another milestone in the ongoing strategic partnership between IndiGrid and TEECL. The two companies have previously collaborated on multiple projects, including the acquisition of operating transmission assets by IndiGrid and EPC execution of under-construction projects by TEECL. With NPTL, the partnership deepens further, emphasizing a model where projects are structured for acquisition post-COD.
This agreement reinforces IndiGrid’s expansion strategy in India’s power transmission sector, while TEECL continues to play a critical role in project development and execution.
