India Grid Trust (BSE:540565) signed a definitive agreement to acquire 46% stake in Patran Transmission Company Limited from Techno Electric & Engineering Company Limited (BSE:533281), Techno Power Grid Company Limited and its nominee shareholders for an enterprise value of INR 2.3 billion on February 19, 2018. The consideration will be paid in cash. The transaction is subject to approval from long terms transmission customers and is expected to close in the first quarter of 2019.

On July 25, 2018, India Grid received regulatory approvals for the transaction. The transaction is expected to close during the third quarter of 2018.