Sekura Energy to buy stake in Essel's power projects

Edelweiss Infrastructure Yield Plus (EIYP) fund-backed Sekura Energy has signed an agreement to acquire a stake in two operating power transmission assets from Essel Infraprojects - Darbhanga-Motihari Transmission and NRSS XXXI (B) Transmission. Sekura is also set to acquire Warora-Kurnool Transmission and NRSS XXXVI Transmission, which are expected to be commissioned in 2019-20.

The stake in the two under-construction assets would be acquired post commissioning.

Subahoo Chordia, head of EIYP fund, said the transaction fits well with their strategy of investing in infrastructure assets that can deliver predictable long-term returns to investors.

Avinash Rao, CEO, Sekura Energy, said the company will become a leading asset owner with the acquisitions.

Essel Infraprojects CEO & whole time director Rohit Modi said Essel Group has plans to expand its footprint in the emerging infrastructure sectors like water and railways. "Total enterprise value of these four projects is Rs 6,000 crore," he said, adding that asset monetisation is important to create growth capital.