IndiGrid to acquire Gadag Transmission Limited for Rs 372 crore

IndiGrid has signed definitive agreements to acquire Gadag Transmission Limited (GTL), an ISTS project in Karnataka, for an enterprise value of about Rs 372 crore. The deal excludes net working capital and cash adjustments and includes an earn out linked to Change In Law, availability, and bilateral billing, payable only if recovered.

GTL is a BOOM asset developed as the first phase of a scheme to evacuate about 2,500 MW of solar power from the Gadag Solar Energy Zone. The project has been operational since September 2024 and includes about 187 circuit kilometres of lines and a 1,000 MVA substation, with room for expansion.

The asset is owned by ReNew Transmission Ventures Private Limited and KNI India AS. IndiGrid will assume full ownership and management control after closing.

IndiGrid Managing Director Harsh Shah said the acquisition strengthens the company’s grid portfolio in Karnataka and supports renewable integration. Funding will come from equity, internal accruals, and debt. The net debt to AUM ratio will be about 60.5 per cent after the transaction.

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