India Grid trust’s (IndiGrid) unitholders have approved the induction of private equity firm Esoteric II Pte, an affiliate of KKR & Co, as a sponsor with a special majority of more than 75 per cent.
The PE firm, which earlier withdrew intent to become a sponsor in August, made a fresh application again this month. IndiGrid is planning to add operational solar power generation projects to its current portfolio of transmission assets as a long-term strategy. With more than 75 per cent unitholders approving the move, KKR will not need to compulsorily pick further stake. Through a Rs 10.84 billion investment made in May 2019, KKR picked a 23 per cent stake in IndiGrid. Separately, KKR also owns 60 per cent stake in Sterlite Investment Managers Limited (SIML).