The News Scroll 03 August 2020  Last Updated at 8:22 pm | Source: PTI

KKR affiliate Esoteric II terminates pact to buy 15% stake in IndiGrid

KKR affiliate Esoteric II terminates pact to buy 15% stake in IndiGrid
New Delhi, Aug 3 (PTI) Infrastructure investment trust IndiGrid on Monday said global investment company KKR''s affiliate Esoteric II has terminated the contractual arrangement to purchase 15 per cent in it.

The Esoteric II had to purchase 15 per cent stake from IndiGrid''s (India Grid Trust) investment manager Sterlite Power Grid Venture Ltd (SPGVL).

"The investment manager of IndiGrid has received a letter from Esoteric II Pte Ltd (Esoteric II), an affiliate of KKR & Co Inc, on August 3, 2020 intimating termination of their contractual arrangement with the SPGVL (sponsor of IndiGrid) regarding purchase of 15 per cent of issued and outstanding units of IndiGrid from SPGVL...," a regulatory filing said.

In light of the same, Esoteric II has also withdrawn its intent to be designated as a sponsor of IndiGrid, it said.

The company has not divulged the details about the value of the transaction which has been terminated.

Commenting on this, the SPGVL told PTI, "In September 2019, Sterlite Power Grid Ventures Ltd and KKR had entered into an agreement for sale of 15 per cent stake in IndiGrid, which has automatically expired on July 15, 2020."

It further said, "Sterlite Power Grid Ventures Ltd remains committed to executing asset transfers of about Rs 6,500 crore as per current framework agreement with IndiGrid."

IndiGrid is infrastructure investment trust (InvIT) which was established to own inter-state power transmission assets in India. IndiGrid was established on October 21, 2016, by Sterlite Power Grid Ventures Ltd. PTI KKS MKJ

Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
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