Infrastructure investment trust India Grid Trust and G R Infraprojects have joined hands to bid for identified power transmission projects worth ₹5,000 crore.
"India Grid Trust (IndiGrid), India's first listed power sector infrastructure investment trust (InvIT) and G R Infraprojects Ltd. (GRIL), one of India's leading players in Infrastructure sector, have announced a strategic partnership in the Indian power transmission sector," an IndiGrid statement said.
An agreement has been signed to jointly bid for identified TBCB (Tariff Based Competitive Bidding) transmission projects aggregating to approximately ₹5,000 crore, it stated.
The Power Ministry has recently unveiled a plan for investment of ₹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, it stated.
Additionally, to commence the partnership, IndiGrid and GRIL have entered into a framework agreement to acquire 100 per cent stake in Rajgarh Transmission Ltd., which the GRIL had won in March 2022, it stated.
This project is part of the interstate transmission system (ISTS) and comprises a 400/220kV substation at Rajgarh and a 400kV double circuit line in Madhya Pradesh.
The 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 (commercial date of operation).
Harsh Shah, Chief Executive Officer of IndiGrid, said in the statement, "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."
Additionally, "the expansion works received across few existing assets of IndiGrid aggregating to ₹230 crore on Regulated Tariff Mechanism (RTM) basis, enables us to leverage our operational and developmental capabilities and contribute towards sustainable increase in the DPU (distribution per unit)", he stated.
Ashwin Agarwal of GRIL opined that this partnership is a significant milestone in the journey towards building a presence in power utility (segment) for GRIL.
