IndiGrid Infrastructure Trust has successfully completed a major acquisition in the energy storage sector, announcing the purchase of securities in Gujarat BESS Private Limited at an enterprise value of approximately INR 573 crores. The transaction was executed under Regulation 23 of the Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014, with closing adjustments as per definitive agreements.

Acquisition Details

The acquisition involved the purchase of securities from established international investors, specifically British International Investment PLC and Norfund via KNI India AS. The transaction was completed upon the operationalization of Gujarat BESS Private Limited, ensuring the project's operational readiness before the ownership transfer.

Project Structure and Revenue Model

The Gujarat BESS project operates under a Build Own Operate model, providing IndiGrid with long-term operational control and revenue generation capabilities. The project is structured to deliver substantial annual revenue of over INR 97 crores throughout its 12-year concession period, representing a significant addition to IndiGrid's revenue portfolio.

Regulatory Compliance

The acquisition was conducted in full compliance with applicable provisions of the SEBI InvIT Regulations, along with other relevant laws and regulations. IndiGrid Investment Managers Limited, representing IndiGrid Infrastructure Trust as its investment manager, ensured all regulatory requirements were met during the transaction process.

Strategic Significance

This acquisition strengthens IndiGrid's position in India's growing energy infrastructure sector, particularly in battery energy storage systems. The transaction adds a revenue-generating asset with a defined tenure and established operational framework, contributing to the trust's diversified infrastructure portfolio and long-term income stability.

IndiGrid Infrastructure Trust has completed a significant acquisition in the power transmission sector, announcing the successful purchase of 100% stake in Gadag Transmission Limited (GTL) on March 10, 2026. The transaction represents a strategic expansion of IndiGrid's transmission asset portfolio through a substantial cash deal.

Transaction Overview

The acquisition was executed under the Share Purchase Agreement signed on December 02, 2025, between IndiGrid Infrastructure Trust and the sellers - ReNew Transmission Ventures Private Limited (RTVPL) and KNI India AS (KNI). The transaction complies with Regulation 23(6)(a) of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

Target Company Profile

Gadag Transmission Limited operates as a Build-Own-Operate-Maintain (BOOM) Inter-State Transmission System (ISTS) project strategically located in Karnataka. The company was incorporated on June 02, 2020, and entered into a Transmission Service Agreement with long-term transmission customers on December 10, 2021.

Key Asset Specifications

Financial Structure

The acquisition involves an enterprise value not exceeding ₹372 crores, excluding working capital adjustments as specified in the definitive documents. Additionally, the agreement includes an earn-out mechanism related to Change-In-Law (CIL), availability, and other bilateral billing aspects, payable to RTVPL and KNI upon realization of such payments.

GTL's revenue projection stands at approximately ₹36.43 crores for FY26, aligned with the Tariff Adoption Order, providing visibility into the asset's revenue generation potential.

Strategic Rationale

The acquisition aligns with IndiGrid's investment strategy as outlined in the Trust Deed, focusing on owning transmission assets with long-term contracts to ensure stable distributions to unitholders. The transaction does not fall under related party transactions, maintaining arm's length dealing principles.

The governmental, regulatory, and other required approvals have been obtained for the acquisition in accordance with the Transmission Service Agreement and definitive agreement terms, ensuring compliance with all necessary regulatory frameworks.