News Orders & Deals IndiGrid Infrastructure Trust Executes Definitive Agreements for ₹15,770 Million Acquisition of Morena I SEZ Transmission LimitedIndiGrid Infrastructure Trust Executes Definitive Agreements for ₹15,770 Million Acquisition of Morena I SEZ Transmission Limited
IndiGrid Infrastructure Trust executed definitive agreements on February 12, 2026, to acquire Morena I SEZ Transmission Limited at an enterprise value not exceeding INR 15,770 million. The acquisition involves a strategic power transmission asset that will facilitate integration of 2.5 GW renewable energy into the ISTS network, with expected Commercial Operation Date in Q1 FY 2029. The transaction aligns with IndiGrid's investment strategy of owning long-term contracted assets and will be completed post one year after COD achievement, subject to regulatory approvals and InvIT Regulations compliance.
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IndiGrid Infrastructure Trust has executed definitive agreements for a significant acquisition in the power transmission sector, marking another strategic expansion in its infrastructure portfolio. The trust announced the execution of agreements on February 12, 2026, for acquiring Morena I SEZ Transmission Limited at a substantial enterprise value.
Acquisition Details
The acquisition involves Morena I SEZ Transmission Limited (MSTL), with IndiGrid executing definitive agreements with Enerica Infra 1 Private Limited, a wholly-owned subsidiary of Enerica ReGrid Infra Private Limited. The transaction structure includes specific timing and valuation parameters that align with regulatory requirements.
| Parameter | Details |
|---|---|
| Enterprise Value | Not exceeding INR 15,770 million |
| Acquisition Timeline | Post one year after Commercial Operation Date |
| Transaction Structure | One or more tranches |
| Regulatory Framework | InvIT Regulations compliance |
| Consideration Type | Cash or mutually agreed manner |
Target Entity Profile
Morena I SEZ Transmission Limited represents a strategic asset in India's power transmission infrastructure. The company was incorporated on April 16, 2025, by PFC Consulting Limited and operates in the Inter-State Transmission System sector.
| Company Details | Specifications |
|---|---|
| Paid-up Capital | Rs. 1 Lakh |
| Current Status | Under construction |
| Turnover | Nil (construction phase) |
| Industry Sector | Power Transmission (ISTS project) |
| Expected COD | Q1 FY 2029 |
Project Infrastructure and Capacity
The Morena transmission project addresses significant renewable energy evacuation requirements in Madhya Pradesh. According to MNRE identification, Morena district represents a substantial Renewable Energy zone with considerable generation potential.
Key Project Components:
- Phase I Capacity: 2.5 GW by December 2027
- Phase II Capacity: 1.4 GW by December 2030
- Total RE Potential: 3.9 GW in Morena district
- Infrastructure: 765/400 kV Morena Pooling Station establishment
- Technical Specifications: 3x1500 MVA 765/400 kV, 2x500 MVA, 400/220 kV ICTs
- Transmission Line: Morena PS – Karera (Near Datia) 765 kV D/C line
Strategic Alignment and Regulatory Compliance
The acquisition aligns with IndiGrid's investment strategy as outlined in the Trust Deed, focusing on stable distribution to unitholders through long-term contracted assets. The transaction involves related party considerations, as EnerGrid shares a common director with IndiGrid's Investment Manager, but will be executed at arm's length pricing with proper valuation compliance.
The acquisition requires various governmental and regulatory approvals as mandated for such infrastructure transactions. IndiGrid will acquire entire shareholding and management control in MSTL, subject to definitive agreement terms, Transmission Service Agreement provisions, and SEBI InvIT Regulations compliance.
Market Impact and Timeline
Enerica Infra 1 Private Limited won this inter-state transmission project in October 2025, with the project designed to facilitate integration of 2.5 GW renewable energy injection into the ISTS network. The acquisition timeline depends on achieving one year post Commercial Operation Date, with the expected COD scheduled for Q1 FY 2029, providing IndiGrid with a clear roadmap for asset integration into its portfolio.
