PowerGrid Infrastructure Investment Trust (PGInvIT) has sought approval from unitholders for fresh investment in assets related to Power Grid Corporation of India Ltd (PGCIL).
In a regulatory filing, Powergrid Unchahar Transmission Ltd (PUTL) – the Investment Manager of PGInvIT – said that approval of unitholders is being sought for making fresh investment in project special purpose vehicles related to PGCIL. The total investment entailed by these proposals is to the order of Rs.644 crore.
The following two proposals have been put to e-voting to unitholders of PGInvIT:
- Acquisition of balance 26 per cent equity shareholding of Powergrid Vizag Transmission Ltd by PGInvIT from PGCIL at a consideration not exceeding Rs. 340 crore
- Acquisition by PGInvIT, through its SPVs — Powergrid Parli Transmission Ltd, Powergrid Warora Transmission Ltd and Powergrid Jabalpur Transmission Ltd — of additional revenues accruing to these SPVs on account of change in law, at a consideration not exceeding Rs.81.01 crore, Rs.1,11.84 crore and Rs.111.30 crore, respectively, from PGCIL
The e-voting process will be conducted between March 2, 2022 and March 22, 2022.
According to information available, the fair valuation of the balance 26 per cent stake of PGCIL in Powergrid Vizag Transmission Ltd (PVTL) was conducted by RBSA Valuation Advisors LLP.
PVTL, which started commercial operations in February 2017, operates two transmission lines of 956.84 ckm, comprising one 765kV double-circuit line of 668 ckm (from Srikakulam, Andhra Pradesh to Vemagiri, Andhra Pradesh) and one 400kV double circuit line of 288.84 ckm (from Khammam, Telangana) to Nagarjuna Sagar, Andhra Pradesh).
PGCIL board approval
As already reported by T&D India, the board of directors of PGCIL, in a meeting on February 23, 2022, approved the two aforementioned proposals. (Read more)
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