M&A

M&A

InvIT IndiGrid to acquire Gadag Transmission in Karnataka from ReNew Power for Rs.372-Cr

Business Line  

IndiGrid, a power sector Infrastructure Investment Trust (InvIT), is to acquire Karnataka-based Gadag Transmission, an Inter-State Transmission (ISTS) project, from Gurugram-based ReNew Power for INR 372 crore. The acquisition will be financed through a combination of equity, internal accruals, and debt.Gadag Transmission is a Build-Own-Operate-Maintain (BOOM) ISTS asset, operational since September 2024. Its first phase was designed to evacuate approximately 2,500 MW of solar power from the Gadag Solar Energy Zone in Karnataka. The asset includes 187 circuit kms of transmission lines and a 1,000 MVA substation, with potential for expansion. Gadag Transmission is jointly owned by ReNew Transmission Ventures (51%) and KNI India AS, which is a joint venture between Norfund and KLP (49%).