Sterlite Power Ltd., a power transmission company, has sold 14.7% stake in India Grid Trust (IndiGrid) to institutional and HNI investors for ₹840 crore.
Sterlite Power is the sponsor of IndiGrid, India’s first power sector InvIT which saw its initial public offer in 2017.
Pratik Agarwal, Managing Director, Sterlite Power, s aid, “We will now focus on our core business as the developer of power transmission assets. We remain committed to executing asset transfers of about ₹ 6,500 crore as per the framework agreement with IndiGrid.”
“We firmly believe that InvITs will remain a powerful platform to meet the large-scale financing requirements of the infrastructure sector. The global financial markets will remain in yield-seeking mode for a considerable period, and this will provide enough capital supply to well-managed REITs and InvITs”, he further added.
