India Grid Trust signed share purchase agreement to acquire Raichur Sholapur Transmission Company Limited from Patel Engineering Limited, BS Limited and Simplex Infrastructures Limited for enterprise value of INR 2500 million.

India Grid Trust (BSE:540565) signed share purchase agreement to acquire Raichur Sholapur Transmission Company Limited from Patel Engineering Limited (BSE:531120), BS Limited and Simplex Infrastructures Limited (BSE:523838) for enterprise value of INR 2500 million on July 30, 2022. India Grid Trust will acquire 33.34% stakes from Patel Engineering Limited, 33.33% stakes each from BS Limited and Simplex Infrastructures Limited. For the financial year ended on March 31, 2022 Raichur Sholapur Transmission Company Limited reported turnover of INR 38.70 billion.

The transaction is subject to regulatory board/committee and subject to the terms of definitive agreements. The transaction is expected to close in Q2 FY23. S of November 9, 2022, India Grid Trust has completed the acquisition of 49% of paid-up capital and management control of ôRaichur Sholapur Transmission Company Private Limitedö from Patel Engineering Limited (7.84% stake), Simplex Infrastructures Limited (7.83% stake) and BS Limited (33.33% stake).