Sterlite Power and AMP Capital JV’s on-market assets of Lakadia Vadodara Transmission and Udupi Kasargod Transmission have attracted bids totaling INR 35-40 billion from IndiGrid, Torrent Power, and Edelweiss Infrastructure Fund. The assets’ final equity is estimated at INR 10 billion.
March 16, 2023
The Joint Venture (JV) of Sterlite Power and AMP Capital has received bids totaling INR 35-40 billion for their on-market assets of Lakadia Vadodara Transmission and Udupi Kasargod Transmission. The bids have been submitted by IndiGrid, Torrent Power, and Edelweiss Infrastructure Fund on an enterprise-value basis, and they are conducting due diligence on the assets. The final equity of the two transmission projects, spreading over 450 kilometers, is expected at INR 10 billion.
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The Lakadia Vadodara line was recently inaugurated and is expected to carry over 5,000 MW of renewable energy to the national grid from Kutch and Bhuj in Gujarat. Meanwhile, the Udupi Kasargode line will be inaugurated soon. The two projects were put onto the market last year attracting the attention of various financial investors and strategists.
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The JV came together in December 2020 to construct transmission assets of approximately INR 82 billion at an investment of INR 300 million. The partnership is also working on Goa Tamnar Transmission and Mumbai Urja Marg Transmission lines.
