Reliance Infrastructure Limited (RInfra) on Saturday announced 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.
Notably, RInfra owns 74 per cent in PKTCL located in the state of Himachal Pradesh and Punjab in a joint venture with Power Grid Corporation of India Limited (PGCIL).
"The deal was announced in November 2020 with the signing of a definitive binding agreement between RInfra and IndiGrid and has now been completed with the transfer of shares of PKTCL, and receipt of sale consideration," the company said in an official statement.
"The total transaction value is Rs 900 crore. The entire sale proceeds are being utilised for debt reduction. RInfra has reduced its total debt liabilities by 6 per cent from the deal proceeds," it added.
IndiGrid is India's first power sector infrastructure investment trust, owning AAA-rated power transmission assets in India.
"With this acquisition, IndiGrid owns 12 operating power transmission assets with a total asset under management (AUM) of over Rs 14,500 crore," the statement added further.
( With inputs from ANI )
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