KKR withdraws intention to sponsor India Grid Trust

KKR, private equity firm, has backed off the plan to become a sponsor of India Grid Trust (IndiGrid), an infrastructure investment trust (InvIT).

Earlier in May 2019, KKR – in a first of its kind transaction – had invested Rs 10.84 billion in the InvIT set up by Sterlite Power Transmission. GIC Infra Holdings had chipped in Rs 9.80 billion. According to the deal terms, KKR affiliate Esoteric II Pte got 23 per cent units of the trust with an option to buy a further 15 per cent by July 15, 2020. However, KKR has not purchased the additional stake before the agreed upon deadline.


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