India Grid Trust is an irrevocable trust settled by Sterlite Power Grid Ventures Limited (the Sponsor) on October 21, 2016 pursuant to the Trust Deed under the Indian Trusts Act, 1882 and registered with Securities Exchange Board of India (SEBI) under the SEBI (Infrastructure Investment Trust) Regulations, 2014 as an Infrastructure Investment Trust on November 28, 2016. The Trustee of IndiGrid is Axis Trustee Services Limited (the Trustee). The Investment Manager for IndiGrid is Sterlite Investment Managers Limited (the Investment Manager or the Management).
The objectives of IndiGrid are to undertake activities as an infrastructure investment trust in accordance with the InvIT Regulations and the Trust Deed. The principal activity of IndiGrid is to own and invest in power transmission assets in India with the objective of producing stable and sustainable distributions to Unitholders.
India Grid Trust is India's first infrastructure investment trust (InvIT) in the power sector. It was created to acquire operating power transmission assets and got listed on the Indian stock exchanges on 6 June, 2017.
SIML through its letter dated October 26, 2017 informed to the stock exchanges that the Board of Directors of Investment Manager has approved issuance 1,35,99,200 units by India Grid Trust to the Project Manager and considered October 26, 2017 as relevant date.
Further, the Board of Directors of SIML acting in the capacity of Investment Manager of IndiGrid, considered the certificate issued by Statutory Auditors thereby confirming the issue price of INR 100 per unit calculated as per Regulation 76 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (the 'ICDR Regulations') as on the relevant date viz. October 26, 2017 and has allotted 1,35,99,200 units to the Project Manager in another Board Meeting held after obtaining aforesaid certificate on October 26, 2017.
The Trust launched India's first power sector InvIT in 2017. IndiGrid is sponsored by Sterlite Power Grid Ventures Limited ('Sponsor'), one of India's leading private power transmission companies with proven credentials in bidding, designing, financing, constructing and maintaining assets across multiple geographies. The Sponsor has played and continues to play a critical role in nurturing IndiGrid to fulfill its aspiration of becoming the most admired yield vehicle in Asia.
During the year ended March 31, 2018, IndiGrid has acquired the following projects from the Sponsor which are transmission infrastructure projects developed on Build Own Operate and Maintain ('BOOM') basis: 1. Bhopal Dhule Transmission Limited 2. Jabalpur Transmission Company Limited 3. RAPP Transmission Company Limited 4. Purulia & Kharagpur Transmission Company Limited 5. Maheshwaram Transmission Limited.
These SPVs have executed Transmission Services Agreements ('TSAs') with Long term transmission customers under which the SPVs have to maintain the transmission infrastructure for 35 years post commissioning.
The trust raised Rs 25.1 Billion in May 2019 through Preferential Issue of which KKR & GIC subscribed Rs 20.6 Billion.
During the FY2019,the trust signed definitive agreements to acquire Rs 115 Billion worth transmission assets from Sterlite Power.
During the year ended March 31, 2020, the Trust raised Rs 25,140.48 million of primary capital through a qualified institutional placement of units. The Trust issued and allotted 299,683,881 units at a price of Rs 83.89 per unit as per the placement agreement dated 04 May 2019.
During the year 2019-20, the trust completed three acquisitions with assets worth more than Rs 60 billion. While NRSS XXIX Transmission Ltd (NTL) and Odisha Generation Phase II Transmission Ltd (OGPTL) were acquired in H1 of the financial year. The Trust further acquired the ninth transmission asset from Sterlite Power in H2 of the financial year, as it acquired the East North Inter connection Company Limited (ENICL) at an enterprise value of INR 10.2 billion.
KKR and GIC acquired significant stakes in IndiGrid during the year 2019 and KKR was inducted as a Sponsor in 2020. In January, 2020, the Trust acquired framework asset i.e. GPTL for ~INR 10.8 billion. It announced 5 acquisitions worth INR 35 billion in 2020.
In December 2021, the Trust entered into greenfield transmission project with the acquisition of 100% stake in Kallam Transmission Ltd from REC Power with a planned outlay of INR 170 Crores.
In 2021, the Trust acquired 2 assets worth INR 55 billion, acquired 1 asset worth INR 2.5 billion in 2022; executed MoU with G R Infra to jointly bid for up to INR 50 billion worth of transmission projects in 2022 and signed framework agreement with G R Infra for acquisition of an under-construction asset post commissioning of the project. The Company acquired 100% stake in two solar assets with
cumulative capacity of 100 MW (AC) from Fotowatio Renewable Ventures (FRV) at an enterprise value of~INR 6.6 Billion.
In 2023, the Trust acquired 1 asset worth INR 15 billion from Sterlite Power Transmission Limited -Khargone Transmission Limited (KhTLunder the Framework Agreement, acquired Virescent Renewable Energy Trust at an Enterprise Valuation of INR 40 billion; acquired Battery Energy Storage Project (BESS) project of 20MW/40MWh.