IndiGrid Infrastructure Trust has executed Securities Purchase Agreements to acquire Luhri Power Transmission Limited (LPTL) for an enterprise value not exceeding ₹13,360 million. The acquisition targets a power transmission asset currently under construction, with commercial operations expected in Q3FY30.

The transaction is structured with Enerica ReGrid Infra Private Limited (EnerGrid), which shares a common director with IndiGrid’s investment manager. Consequently, the deal qualifies as a related party transaction under SEBI InvIT Regulations. The company stated that the price is determined at arm’s length based on valuation reports compliant with regulatory standards.

Deal Structure and Conditions

The acquisition is contingent upon LPTL becoming a completed and revenue-generating project. IndiGrid plans to acquire the entire shareholding and management control of LPTL in one or more tranches. The consideration will be in cash or another mutually agreed manner, subject to closing adjustments specified in the Securities Purchase Agreement.

Key conditions for the deal include:

• Approval from the unitholders of IndiGrid.
• Completion of the project and commencement of revenue generation.
• Compliance with the Transmission Service Agreement (TSA) and lock-in restrictions.
• Receipt of all necessary governmental and regulatory approvals.

Target Asset Details

LPTL was incorporated on October 28, 2022, by REC Power Development and Consultancy Limited. The entity is tasked with executing the "Transmission system for evacuation of power from Sunni Dam HEP and Luhri Stage-I HEP." As the project is still under construction, LPTL currently reports nil turnover.

Strategic Rationale

IndiGrid indicated that the acquisition aligns with its investment strategy outlined in the Trust Deed. The primary objective is to ensure stable distributions to unitholders by owning assets backed by long-term contracts. The focus on inter-state transmission projects underscores the trust’s commitment to regulated revenue streams.

What the Numbers Show

The enterprise value of ₹13,360 million represents a significant capital outlay relative to LPTL’s current paid-up capital of ₹5 lakh. This disparity highlights that the valuation is driven entirely by the future cash flows of the under-construction asset rather than its current book value or operational history. Since the target has nil turnover, the immediate impact on IndiGrid’s revenue is zero; the financial benefit will only materialize after the expected Commercial Operation Date in Q3FY30, introducing a multi-year timeline before the asset contributes to distributable cash flows.

IndiGrid Infrastructure Trust will host an investor meeting on September 11, 2026. The session is scheduled to take place in person.

The Investment Manager of the trust, IndiGrid Investment Managers Limited, confirmed the schedule in a filing to stock exchanges. The meeting aligns with regulatory requirements for infrastructure investment trusts.

Meeting Details

The engagement is structured as a one-on-one session. Tribeca Investments is the designated participant for this specific slot. The format allows for direct interaction between the senior management and the investor.

Regulatory Context

The intimation was issued pursuant to Regulation 23 of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. This regulation mandates periodic communication with investors and analysts.

Urmil Shah, Company Secretary and Compliance Officer at IndiGrid Investment Managers Limited, signed the disclosure. The notice was also copied to Axis Trustee Services Limited, the trustee for the trust.