Reliance Infra sells entire 74% stake in PKTCL to India Grid Trust for Rs 900 crore

In order to reduce its debt Reliance Infrastructure on Saturday completed the sale of its entire 74 per cent stake in PKTCL to India Grid Trust for Rs 900 crore. As a result, the company’s dues will come down to Rs 13,100 crore from Rs 14,000 crore.

‘Reliance Infrastructure Limited (RInfra) announces the successful completion of 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,’ the company said in a statement.

Reliance Infrastructure (RInfra) owned 74 per cent stake in Parbati Koldam Transmission Company Limited located in Himachal Pradesh and Punjab in a joint venture with Power Grid Corporation of India Limited (PGCIL) while IndiGrid is India’s first power sector Infrastructure Investment Trust, owning AAA-rated power transmission assets in India.

The deal was announced way back in November 2020 with the signing of a definitive binding agreement between RInfra and IndiGrid and has now been concluded with the transfer of shares of PKTCL and receipt of sale consideration of Rs 900 crores which will be used for debt reduction and bring the company’s dues down by 6%.

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 defence and after this deal, IndiGrid has become the owner of 12 operating power transmission assets with a total AUM of over Rs 14,500 crore.

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