IndiGrid adds three assets to InvIT

India Grid Trust (IndiGrid), country's first and only infrastructure investment trust (InvIT) in the power sector, has acquired three transmission assets, taking the total projects under the listed product to five.

The other two InvITs in India are in the road sector.

The three assets were acquired after the unitholders gave their nod in the extraordinary general meeting on Monday.

"The unitholders voted in favour of the acquisition of the three transmission assets," read a statement from the Trust.

The addition of these assets would translated into an annual distribution per unit (DPU) growth of 4% from Rs 11.00 per unit to Rs 11.44 unit.

Last week, DNA Money had reported that the Trust was planning to bring three more assets into the fold.

The assets that have been added are - RAPP Transmission Company Ltd (RTCL), Purulia and Kharagpur Transmission Company Ltd (PKTCL) in West Bengal and Maheshwaram Transmission Ltd (MTL) in Telangana. All the three assets were held by Sterlite Power Grid Ventures Ltd.

"India Grid Trust received 100% approval for acquisition of assets, which is an overwhelming response from the unitholders for the first set of acquisitions by the Trust. We are humbled by the outcome and will continue to pursue value accretive acquisitions in line with our vision," said Pratik Agarwal, chief executive officer of India Grid Trust.

The acquisition process will be completed by fourth quarter of this fiscal.