Sterlite Power sells 14.7% stake in IndiGrid for Rs 840 crore

Sterlite Power Ltd., a power transmission company, has sold 14.7% stake in India Grid Trust (IndiGrid) to institutional and HNI investors for ₹840 crore.

Sterlite Power is the sponsor of IndiGrid, India’s first power sector InvIT which saw its initial public offer in 2017.

Pratik Agarwal, Managing Director, Sterlite Power, said, “We will now focus on our core business as the developer of power transmission assets. We remain committed to executing asset transfers of about ₹ 6,500 crore as per the framework agreement with IndiGrid.”

“We firmly believe that InvITs will remain a powerful platform to meet the large-scale financing requirements of the infrastructure sector. The global financial markets will remain in yield-seeking mode for a considerable period, and this will provide enough capital supply to well-managed REITs and InvITs”, he further added.

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