India Grid Trust (IndiGrid) has signed a share purchase agreement for acquisition of 100 per cent shareholding and economic interest, in one or more tranches, in Raichur Sholapur Transmission Company Private Limited (RSTCPL), for over Rs 2.50 billion.
IndiGrid has acquired the shares from Patel Engineering Limited, Simplex Infrastructures Limited and BS Limited, each owning 33.33 per cent stake, respectively. The completion of acquisition would depend upon receipt of relevant approvals and completion of contractual obligations. RSTCPL was incorporated on November 19, 2009 and entered into a transmission service agreement (TSA) with long term transmission customers in August 2010. RSTCPL operates one single circuit 765 kV transmission line between Raichur and Sholapur, with a line length of approximately 208 ckt kms. The asset was fully commissioned in July 2014.