India Grid Trust, India’s first power infrastructure investment trust (InvIT), on Saturday signed a share purchase agreement to acquire NER-II Transmission Limited from Sterlite Power as part of the Framework Agreement.
The indicative value of the acquisition is Rs 4,625 crore and would boost IndiGrid’s AUM (asset under management) by 34 per cent to over Rs 20,000 crore ($2.8 billion).
Post completion, the platform’s asset portfolio would consist of 13 power transmission projects, with a total network of 38 power transmission lines and 11 substations extending over 7,570 circuit kilometers and 13,350 MVA in 17 Indian states and 1 Union Territory.
NER-II is part of Inter State Transmission Scheme (ISTS) network, and was awarded on a Build, Own, Operate, Maintain (“BOOM”) basis with a contractual period of 35 years. The project has 11 elements including two substations of 1,260 MVA capacity and four transmission lines extending over 830 circuit kilometres. The asset spans across Assam, Arunachal Pradesh and Tripura and is of strategic importance for the delivery of power in one of the toughest regions in the country. This project will strengthen the power transmission network in the North Eastern States and address the of transmission, sub-transmission, and distribution system needs of the region.
IndiGrid had signed a framework agreement in April 2019 with Sterlite Power for acquisition of NER-II upon commissioning. This transaction is expected to be consummated during Q4 FY21, subject to unitholders’ approval, regulatory approvals, and other customary closing adjustments. The acquisition will be funded through a combination of internal accruals, debt, equity proceeds from the preference issue done in May 2019 and forthcoming rights issue. Post this acquisition, the net debt/AUM would stand at 64 per cent.
Commenting on the acquisition, Harsh Shah, Chief Executive Officer of IndiGrid, said: “We are excited with acquisition of NER-II which is one of the largest acquisitions in Indian power transmission sector in India. NER-II fits well with our strategy of focusing on operating assets with long term cash flows and minimal counter party risk. This acquisition would be DPU accretive and augment our recent increase of DPU to Rs 12.40 per annum for a considerable period.”
Commenting on the transaction, Pratik Agarwal, Managing Director, Sterlite Power said, “This mega transmission project will help deliver reliable power for 5.3 crore people in India’s north eastern region.”
IndiGrid has acquired Rs 8,300 crore assets since the last capital raise including Rs 7,100 crore of Framework/ROFO projects from Sterlite Power and first cost-plus transmission asset from Reliance Ifrastructure. It has also announced its foray into the renewables sector with the planned acquisition of 138 MW solar asset. Separately, in FY21, KKR was inducted as a sponsor following the Rs 2,510 crore preferential issue in 2019 which was subscribed by KKR and GIC amongst other marquee investors. KKR has also acquired majority interest in the Investment Manager
Intel-owned Mobileye, Udelv to build 35K autonomous vehicles
Intel-owned Mobileye and Udelv, a Silicon Valley venture-backed company, have announced to produce more than 35,000 autonomous vehicles by 2028, with commercial operations beginning in 2023.
Mobileye’s self-driving system — Mobileye Drive — will “drive” the next-generation Udelv autonomous delivery vehicles (ADV), called “Transporters.”
“Our deal with Udelv is significant for its size, scope and rapid deployment timeline, demonstrating our ability to deliver Mobileye Drive for commercial use now and in volume,” said Professor Amnon Shashua, Mobileye president and CEO.
“COVID-19 has accelerated demand for autonomous goods delivery, and we are delighted to partner with Udelv to address this demand in the near term,” he said in statement on Monday.
Donlen, one of America’s largest commercial fleet management companies at the forefront of fleet management innovation and technology, has placed the first pre-order for 1,000 ‘Transporters’ — believed to be the largest to date for an autonomous delivery vehicle.
“The readiness of Mobileye Drive, along with its vast map coverage of North America, Europe and Asia, will allow us to ramp up the production and deployment of Udelv Transporters and rapidly offer the service at scale to our expanding list of customers,” said Daniel Laury, CEO and co-founder of Udelv.
Mobileye-driven Transporters will be capable of L4 self-driving, point-to-point operation.
Udelv’s proprietary tele-operations system will allow for the maneuvering of the vehicles at the edges of the mission, in parking lots, loading zones, apartment complexes and private roads.
Equity indices in green, auto, banking stocks rise
A day after recording the biggest single-day fall of 2021, the key Indian equity indices traded in the green on Tuesday.
Healthy buying activity was witnessed in banking and auto stocks.
The indices have, however, declined from the intra-day highs.
At around 11.25 a.m, Sensex was trading at 48,030.96, higher by 147.58 points or 0.31 per cent from its previous close of 47,883.38.
It opened at 47,991.53 and has so far touched an intra-day high of 48,315.09 and a low of 47,775.32 points.
The Nifty50 on the National Stock Exchange was trading at 14,349.85, higher by 39.05 points or 0.27 per cent from its previous close.
The top gainers on the Sensex were Mahindra & Mahindra, Bajaj Finserv and ONGC, while the major losers were TCS, Tech Mahindra and Infosys.
OMCs to explore fuel price revision post elections
Fuel prices in the country remained unchanged on Tuesday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices static for a fortnight now.
Accordingly, pump prices of petrol and diesel remained at previous day’s level of Rs 90.56 and Rs 80.87 a litre respectively in the national capital.
However, the two petroleum products may see revision again post conclusion of ongoing state elections. With crude remaining below $65 a barrel, any softening on global oil in wake of fresh wave of the pandemic and rising oil stocks in US could actually mean lower petrol and diesel prices for consumers in India.
Before the long drawn pause, petrol and diesel fell by 22 paisa and 23 paisa per litre respectively on March 30. The OMCs have decided to pause price revision since then as they want to watch the crude price movement that has now fallen to around $63.5 a barrel.
Across the country as well the petrol and diesel prices remain static on Tuesday but its retail levels varied depending on the level of local levies on respective states.
In Mumbai, petrol continues to be priced at Rs 96.98 a litre and diesel at Rs 87.96 a litre. Premium petrol, however, continues to remain over Rs 100 a litre in the city as is the case with several cities across the country.
The OMCs went on price cut for the first time this year on two consecutive days – March 24 and 25 after keeping oil prices steady for past 24 days. It again reduced the price on March 30. Thereafter, fuel prices have remained unchanged.
Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
Second half of the knock was my best in IPL: Sanju Samson
Bat fearlessly like Hooda: KL Rahul to teammates
Neuberg conducting Covid-19 tests for IPL teams
Chetan Sakariya: From struggling to meet cricket expenses to IPL stardom
Riyan Parag latest to use ‘perpendicular’ action
‘Azaan’ sound off: IG bans loudspeakers from 10 p.m. to 6 a.m.
Ajay Devgn not the man in viral Delhi brawl video: Actor’s team
BJP MP’s daughter-in-law attempts suicide, posts video
Covid effect: Maharashtra promotes all students in Class I-VIII without exams
Pakistani agencies desperate to stop key D-company financier’s extradition to US
Mumbai Mayor hits the streets, orders people to wear masks
Watch Video: Mentally Retarded Man Illegally Walks On Mumbai Airport’s Runway, Stopped Flight, CISF Arrested
Viral Video: Zomato Lady Abuses Traffic Police, FIR Filed In Vashi Police Station
Viral Video: Zomato Food Delivery Woman Abuses Traffic Police’s Towing Van Driver For This Reason!
Pal Pal Dil Ke Paas Teaser Review: Karan Deol And Sahher Bambba Chemistry Sparks
Fashion3 years ago
Best Bridal Makeup Artists In Mumbai – 2018
General2 years ago
High Court Allowed Herbal flavour Hookah In Maharashtra
Crime2 years ago
Watch Video: Heera Group Supporter Threatening Victims
Crime3 years ago
SEBI Confirmed Heera Gold In Ponzi Scheme, ED, SFIO And EOW Probing The Case
Bollywood2 years ago
Aamir Khan says When I sign a film, I first look at the story
Business3 years ago
OPPO’s First Research and Development centre to open in Hyderabad
Crime2 years ago
Hindu Sena Wrote Letter To Modi Government To Ban Quran, Says It’s A Threat To National Security
Bollywood3 years ago
Rishi Kapoor calls British Airways As ‘racist’