IndiGrid has entered into definitive agreements to acquire Gadag Transmission Limited (GTL), an interstate transmission system (ISTS) asset located in Karnataka, for an enterprise value of approximately ₹372 crore. GTL, currently owned by ReNew Transmission Ventures Private Limited and KNI India AS, is a Build-Own-Operate-Maintain (BOOM) project. It forms the initial phase of a larger transmission scheme designed to evacuate nearly 2,500 MW of solar capacity from the Gadag Solar Energy Zone, one of Karnataka’s key renewable energy hubs.
The transmission asset comprises approximately 187 circuit kilometres of transmission lines and a 1,000 MVA substation, with provisions for future augmentation. Once the transaction closes, IndiGrid will take complete ownership and operational control of the asset.
Commenting on the development, Harsh Shah, Managing Director of IndiGrid, said the acquisition will enhance IndiGrid’s transmission footprint in Karnataka and further facilitate renewable energy integration into the national grid. He added that the move aligns with the company’s long-term growth strategy in the green energy infrastructure space.
IndiGrid plans to finance the acquisition through a mix of equity infusion, internal accruals, and debt. Following the completion of the transaction, the company’s net debt-to-AUM ratio is expected to stand at around 60.5%, remaining within its targeted leverage range.
The deal underscores IndiGrid’s continued expansion in India’s clean energy transmission sector, strengthening its position as a leading infrastructure investment trust committed to supporting the country’s energy transition.
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