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IndiGrid to Acquire ReNew’s Gadag ISTS Transmission Project for Rs 372 Crore

IndiGrid, a leading power sector Infrastructure Investment Trust (InvIT), has signed definitive agreements to acquire Gadag Transmission Ltd (GTL)—an Inter-State Transmission System (ISTS) project in Karnataka—for Rs372 crore, excluding adjustments for net working capital and cash.

The agreement also includes an earn-out component, which will be payable to the sellers upon receipt of compensation related to change in law, availability, or bilateral billing events.

GTL is a build-own-operate-maintain (BOOM) ISTS asset forming the first phase of the transmission scheme intended to evacuate 2,500 MW of solar power from the Gadag Solar Energy Zone in Karnataka. Operational since September 2024, the project consists of 187 circuit kilometres (ckm) of transmission lines and a 1,000 MVA substation, with provisions for future expansion.

The project is currently owned jointly by ReNew Transmission Ventures Pvt. Ltd. (51%) and KNI India AS (49%), the latter being a joint venture between Norfund and KLP. Once the transaction concludes, IndiGrid will obtain complete ownership and management control in accordance with the definitive and concession agreements, including applicable lock-in requirements.