India Grid Trust entered into definitive agreement to acquire 48.96% stake in Jhajjar KT Transco Private Limited from Techno Electric & Engineering Company Limited.
During the FY 2019-20 Jhajjar KT Transco Private Limited has total revenue of INR 390 million and total net worth of INR 1.1 billion. The transaction is also subject to requisite regulatory approvals and compliances as the approval from Haryana Vidyut Prasaran Nigam Limited has to be obtained for the aforesaid acquisition. As per announcement of September 28, 2020, India Grid Trust acquired 36.22% stake in the sale of first closing sale shares of Jhajjar KT Transco Private Limited after obtaining the requisite regulatory and other approvals and compliance with condition precedents. As a result, India Grid Trust holds 74% stake in Jhajjar KT Transco Private Limited by acquiring stake from other two parties. The acquisition, expected to be consummated over next couple of months. Transaction is 10th accretive acquisition since listing in 2017. JM Financial Limited acted as financial advisor and Cyril Amarchand and Mangaldas as legal advisors to IndiGrid for this transaction.