India Grid Trust and GR Infraprojects Ltd have announced a strategic partnership in the Indian power transmission sector.
An MoU has been signed to jointly bid for identified TBCB (tariff-based competitive bidding) transmission projects aggregating to approximately Rs.5,000 crore.
Ministry of Power has recently unveiled a plan for investment of Rs.2,50,000 crore in building transmission infrastructure for meeting the vision of 500 GW of renewable energy capacity by 2030 to meet its energy transition goal. There is a meaningful opportunity for private sector to participate in the journey of energy transition and shape the future of the power landscape and enrich countless lives across the country, a release by GR Infraprojects said.
Stake in Rajgarh Transmission
To commence the partnership, IndiGrid and GRIL have entered into a framework agreement to acquire 100 per cent stake in Rajgarh Transmission Ltd, which GRIL had won in March 2022.This project is part of the Interstate transmission system (ISTS) and comprises of 400/220kV substation at Rajgarh and 400kV double circuit Line in Madhya Pradesh.
GRIL, with its proven capabilities in project execution, will develop and execute the project, while IndiGrid, with its operational and financial capabilities, will operate and manage the asset post-acquisition from GRIL upon its COD.
Significant milestone
“We believe this partnership with IGT is a significant milestone in the journey towards building a presence in Power Utility for GRIL. With our dynamic synergies, we will establish ourselves as pioneer developers in this sector. Successful closure of this project will bring immense value to both the organisations and public at large. And we look forward to strengthening this partnership even further,” noted Ashwin Agarwal of GRIL.
Also read: IndiGrid Set To Acquire Raichur-Sholapur Transmission Asset
Synergies
Commenting on this partnership, Harsh Shah, Chief Executive Officer of IndiGrid, said, “We are delighted to announce this partnership with GR infra. They have an impeccable track record of executing infrastructure projects in the country. The partnership stands to benefit from GRIL’s strengths of execution and developmental capabilities on the ground and synergies from IndiGrid’s operational portfolio. This partnership is in line with our strategy to acquire value accretive operational transmission assets.
Featured photograph shows Harsh Shah of India Grid Trust (left) and Ashwin Agarwal of GR Infraprojects Ltd at the MoU signing occasion.
