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IndiGrid to acquire Jhajjar KT Transco for INR3.1 billion [free access]

June 2, 2020

India’s leading infrastructure investment trust (InvIT), India Grid Trust (IndiGrid)—owned by Sterlite Power Transmission Limited (SPTL)—has executed a share purchase agreement for the acquisition of the Indian transmission company, Jhajjar KT Transco Private Limited (JKTPL). The latter is a special purpose vehicle (SPV), owned by the joint venture (JV) of domestic Kalpataru Power Transmission Limited (KPTL) and Techno Electric and Engineering Company Limited.


JKTPL had undertaken a project involving the construction of the 35-km-long, 400 kV double-circuit Jharli (Jhajjar)–Kabulpur (Rohtak) transmission line; 64-km-long, 400 kV double-circuit Kabulpur–Dipalpur (Sonepat) transmission line; and the 1-km, single-circuit, loop-in-loop-out at the Dipalpur substation of the 400 kV double-circuit Abdallapur–Bawana power line. The project also entailed construction of 2x315 MVA, 400/220 kV + 2x100 MVA, 220/132 kV air insulated switchgear (AIS) substations, each at Kabulpur and Dipalpur in Haryana.


The SPV also operates a 400/220 kV transmission system for the evacuation of electricity from the 2x660 MW thermal power plant at Jhajjar, Haryana, developed by Haryana Vidyut Prasaran Nigam Ltd. (HVPNL).


The project has been developed through the public-private partnership (PPP) route on  a design, build, finance, operate and transfer (DBFOT) basis.


The acquisition of JKTPL will be funded through a mix of debt and internal accruals.