PGInvIT  board approves investment worth Rs 6.44 billion for acquisitions

Powergrid Infrastructure Investment Trust (PGInvIT) will acquire stakes in various assets of Power Grid Corporation of India Limited (Powergrid) for Rs 6.44 billion.

The board approved acquisition of balance 26 per cent equity shareholding of POWERGRID Vizag Transmission Limited by PGInvIT from Powergrid not exceeding Rs 3.40 billion, subject to the approval of the unitholders of PGInvIT. It also approved acquisition by PGInvIT through its special purpose vehicles(SPVs) namely POWERGRIDParli Transmission Limited, POWERGRIDWarora Transmission Limited and POWERGRIDJabalpur Transmission Limited for additional revenues accruing to these SPVs on account of the change in law, at a consideration not exceeding Rs 810.1 million, Rs 1.12 billion and Rs 1.11 billion respectively from Powergrid, subject to the approval of the unitholders of PGInvIT.The board has also approved the postal ballot notice for seeking approval of the unitholders of PGInvIT on these investments of Rs 6.44 billion.