IndiGrid

Corporate brand

IndiGrid, or India Grid Trust, is an Indian infrastructure investment trust focused on electricity transmission and renewable-energy assets.

Last updated August 26, 2026

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Overview

IndiGrid, formally India Grid Trust, is an Indian power-sector infrastructure investment trust, or InvIT, established under the regulatory framework created by the Securities and Exchange Board of India (SEBI). Its investment mandate is centered on owning and operating infrastructure assets, particularly electricity-transmission networks and renewable-energy projects. Rather than functioning as a conventional consumer-facing brand, IndiGrid is an investment and asset-ownership platform whose portfolio generates income from contracted or regulated infrastructure operations. The trust was established on 21 October 2016 with Sterlite Power as sponsor, following the introduction of India’s InvIT regulations in 2014. Those rules were designed to provide a structure through which infrastructure assets could be placed into publicly traded investment vehicles, allowing institutional and other investors to obtain exposure to operating infrastructure while enabling sponsors to recycle capital into additional projects. IndiGrid became the first power-sector InvIT to list in India and the second InvIT overall, after IRB InvIT Fund. IndiGrid conducted its initial public offering in May 2017 and listed on the BSE and NSE in June 2017. At listing, its initial portfolio comprised Bhopal Dhule Transmission Company and Jabalpur Transmission Company. Together, those assets represented eight transmission lines totaling approximately 1,936 circuit kilometres and two substations with about 6,000 MVA of transformation capacity across four Indian states. The trust’s initial assets had an aggregate reported asset value of approximately INR 38 billion. Expansion has largely taken place through acquisitions. IndiGrid acquired three transmission assets from Sterlite Power in 2018, made its first investment in a third-party transmission asset through Patran Transmission Company later that year, and added further sponsor-originated assets in 2019 and 2020. Its portfolio-building activity included the acquisition of the NRSS XXIX and Odisha Generation Phase-II transmission assets, East-North Interconnection, the Jhajjar and Gurgaon Palwal projects, and an agreed acquisition of a 74% interest in Parbati Koldam Transmission Company. The trust also moved beyond transmission by agreeing to acquire two solar assets from an affiliate of Spain-based renewable-energy company FRV. Capital raising has supported this expansion. IndiGrid raised more than INR 1,012 crore from anchor investors before its 2017 offering, completed a preferential issue exceeding INR 2,500 crore in 2019, and undertook a rights issue of INR 1,284 crore in March 2021. In 2020, unitholders approved the induction of KKR associate Esoteric II as a sponsor. The same period saw the announcement of a multi-year collaboration with IBM to develop an artificial-intelligence-enabled asset-management platform. By March 2021, IndiGrid was reported to own 14 operating projects comprising 40 transmission lines with more than 7,570 circuit kilometres and 11 substations with 13,550 MVA of transformation capacity. Its acquisition of NER-II Transmission from Sterlite Power in March 2021 was described as the largest single-asset transaction in India’s transmission sector at that time and increased reported assets under management to approximately INR 20,000 crore. IndiGrid’s business identity is therefore defined by long-term ownership, operation, acquisition, and optimization of power infrastructure rather than by retail products or mass-market marketing.

History

India’s InvIT framework was introduced by SEBI in 2014 as a means of channeling investment into infrastructure while allowing operating assets to be held in publicly traded trusts. IndiGrid was established on 21 October 2016 under those regulations, with Sterlite Power as sponsor. Its structure was designed to aggregate operating power-transmission assets and provide investors with listed exposure to infrastructure cash flows. IndiGrid opened its initial public offering in May 2017 and raised approximately INR 2,250 crore. It listed on the BSE and NSE in June 2017, becoming the first power-sector InvIT in India and the second InvIT to list after IRB InvIT Fund. Its initial portfolio contained Bhopal Dhule Transmission Company and Jabalpur Transmission Company. These projects together included eight transmission lines covering about 1,936 circuit kilometres and two substations with approximately 6,000 MVA of capacity across four states. The initial portfolio was reported to have assets under management of about INR 38 billion. The trust expanded in February 2018 by acquiring three transmission assets from Sterlite Power Grid Ventures: Purulia & Kharagpur Transmission Company, RAPP Transmission Company, and Maheshwaram Transmission. Later in 2018, it completed a reported INR 232 crore investment in Patran Transmission Company. This was significant because it represented IndiGrid’s first investment in a third-party transmission asset rather than an acquisition from its sponsor. In 2019, IndiGrid continued its sponsor-led expansion. It acquired NRSS XXIX Transmission and Odisha Generation Phase-II Transmission from Sterlite Power at a reported enterprise value of approximately INR 5,025 crore. The trust also raised more than INR 2,500 crore through a preferential issue involving KKR, GIC, and other eligible investors. This fundraising increased the capital available for portfolio growth and reinforced the role of large institutional investors in the trust’s ownership structure. Activity accelerated in 2020. IndiGrid completed the acquisition of East-North Interconnection from Sterlite Power for a reported value of approximately US$134 million, or INR 1,020 crore. It agreed to acquire a transmission asset at Jhajjar in Haryana from Kalpataru Power Transmission and Techno Electric & Engineering Company, and acquired the Gurgaon Palwal Transmission project at an enterprise value reported at approximately INR 1,080 crore. In November, it agreed to acquire a 74% interest in Parbati Koldam Transmission from Reliance Infrastructure. The trust also agreed to acquire full ownership of two Andhra Pradesh solar entities from an FRV affiliate, indicating a move beyond a transmission-only portfolio. Governance and technology were also important parts of the 2020 development story. Unitholders approved the induction of Esoteric II, an associate of KKR, as a sponsor with a special majority exceeding 75% of votes. In December, IndiGrid announced a multi-year collaboration with IBM to build an artificial-intelligence-enabled asset-management platform. The proposed platform was intended to support more data-driven monitoring and management of infrastructure assets. In March 2021, IndiGrid raised INR 1,284 crore through a rights issue. The issue was presented as a way to preserve leverage headroom and fund future acquisitions, with the rights price set at INR 110 per unit. That same month, the trust acquired NER-II Transmission from Sterlite Power at a reported enterprise value of INR 4,625 crore. The transaction was described as the largest single-asset deal in India’s transmission sector at the time and increased reported assets under management by 34% to approximately INR 20,000 crore. By March 2021, the portfolio was reported to include 14 operating projects, 40 transmission lines extending more than 7,570 circuit kilometres, and 11 substations with a combined transformation capacity of 13,550 MVA. IndiGrid’s historical development therefore reflects the growth of India’s InvIT market, the recycling of sponsor-owned power assets into a listed vehicle, increasing participation by global institutional investors, and gradual diversification toward renewable-energy infrastructure.

2021
Rights issue and NER-II acquisition
[1]IndiGriden.wikipedia.org
IndiGrid raised INR 1,284 crore through a rights issue and acquired NER-II Transmission in a transaction reported as India’s largest single-asset transmission deal at the time.
2020
Expansion into additional transmission and solar assets
[1]IndiGriden.wikipedia.org
The trust expanded through transactions involving East-North Interconnection, Jhajjar, Gurgaon Palwal, Parbati Koldam, and two Andhra Pradesh solar entities.
2020
IBM technology collaboration
[1]IndiGriden.wikipedia.org
IndiGrid announced a multi-year collaboration with IBM to develop an AI-enabled asset-management platform.
2019
Preferential issue and portfolio expansion
[1]IndiGriden.wikipedia.org
IndiGrid raised more than INR 2,500 crore through a preferential issue and acquired the NRSS XXIX and Odisha Generation Phase-II transmission assets.
2018
Three Sterlite Power assets added
[1]IndiGriden.wikipedia.org
The trust completed the acquisition of Purulia & Kharagpur Transmission, RAPP Transmission, and Maheshwaram Transmission.
2018
First third-party transmission investment
[1]IndiGriden.wikipedia.org
IndiGrid invested in Patran Transmission Company, its first reported investment in a third-party transmission asset.
2017
Initial public offering and stock-market listing
[1]IndiGriden.wikipedia.org
IndiGrid conducted its IPO in May and listed on the BSE and NSE in June, becoming India’s first listed power-sector InvIT.
2016
IndiGrid is established
[1]IndiGriden.wikipedia.org
India Grid Trust was established on 21 October 2016 under SEBI’s InvIT regulations, with Sterlite Power as sponsor.
2014
SEBI introduces the InvIT framework
[1]IndiGriden.wikipedia.org
SEBI introduced regulations for infrastructure investment trusts to support infrastructure financing and create a listed ownership structure for operating assets.

Products and positioning

A listed Indian infrastructure investment trust providing investors with exposure to operating power-transmission and renewable-energy assets, supported by sponsor-led acquisitions and long-term infrastructure ownership.

Electricity transmission · 2017
Power-transmission infrastructure portfolio
IndiGrid’s principal offering is ownership and operation of electricity-transmission infrastructure in India. The portfolio has included multiple transmission companies, long-distance lines, and high-voltage substations. These assets form the core of the trust’s investment proposition and are held through the InvIT structure rather than sold as consumer products.
Solar power · 2020
Renewable-energy infrastructure investments
IndiGrid expanded beyond transmission by agreeing to acquire FRV Andhra Pradesh Solar Farm-I and FRV India Solar Park II. These assets represent the trust’s participation in renewable-energy infrastructure and broaden its portfolio beyond conventional power-grid ownership.
Listed infrastructure investment trust · 2017
IndiGrid InvIT units
The trust’s units are publicly traded on India’s BSE and NSE exchanges. They provide investors with a listed interest in IndiGrid’s infrastructure portfolio and its associated operating and investment activities.
Digital infrastructure management · 2020
AI-enabled asset-management platform
Announced in collaboration with IBM, the platform is intended to apply artificial intelligence and data analytics to the monitoring and management of IndiGrid’s infrastructure assets. It is a technology capability supporting the core asset portfolio rather than a separately marketed consumer product.

Brand decisions

2021
Rights issue to preserve leverage headroomStrategy
Background
IndiGrid sought to maintain financial flexibility while continuing to fund acquisitions and portfolio development.
Action taken
The trust raised INR 1,284 crore through a rights issue, with the issue price set at INR 110 per unit.
Aftermath
The capital raise was intended to support future acquisitions and preserve borrowing capacity.
Rights issue proceeds. INR 1,284 crore (March 2021)
Source
2021
Acquisition of NER-II TransmissionM&A
Background
IndiGrid continued to enlarge its transmission portfolio through acquisitions from its sponsor, Sterlite Power.
Action taken
IndiGrid acquired NER-II Transmission from Sterlite Power at a reported enterprise value of INR 4,625 crore.
Aftermath
The deal was described as the largest single-asset transaction in India’s transmission sector at the time and was associated with a reported increase in assets under management to approximately INR 20,000 crore.
Enterprise value. INR 4,625 crore (March 2021)
Source
2020
Acquisition-led portfolio diversificationM&A
Background
IndiGrid had historically focused on transmission assets but sought to increase scale and broaden its infrastructure exposure.
Action taken
The trust pursued or completed transactions involving East-North Interconnection, Jhajjar, Gurgaon Palwal, Parbati Koldam, and two Andhra Pradesh solar entities.
Aftermath
The transactions increased the scale of IndiGrid’s transmission portfolio and introduced solar assets into its reported investment pipeline.
Source
2020
Adoption of an AI-enabled asset-management strategyStrategy
Background
Managing a growing portfolio of geographically dispersed transmission and renewable-energy assets required improved monitoring and operational analytics.
Action taken
IndiGrid announced a multi-year collaboration with IBM to build an artificial-intelligence-enabled asset-management platform.
Aftermath
The initiative positioned digital monitoring and analytics as supporting capabilities for IndiGrid’s infrastructure-ownership model.
Source
2019
Preferential capital raise and sponsor-led expansionStrategy
Background
IndiGrid required additional capital to expand its operating transmission portfolio and pursue infrastructure acquisitions.
Action taken
The trust raised more than INR 2,500 crore through a preferential issue involving KKR, GIC, and other eligible investors, while also acquiring two transmission assets from Sterlite Power.
Aftermath
The transaction strengthened the capital base available for portfolio growth and increased the scale of the trust’s infrastructure holdings.
Preferential issue proceeds. More than INR 2,500 crore (May 2019)
Source
2017
Launch of the listed IndiGrid InvITProduct launch
Background
India’s InvIT regulations created a route for operating infrastructure assets to be placed into publicly traded trusts. IndiGrid was established to apply that model to power-transmission infrastructure.
Action taken
IndiGrid opened its IPO in May 2017 and listed on the BSE and NSE in June with two initial transmission assets.
Aftermath
The listing made IndiGrid the first power-sector InvIT in India and established its publicly traded infrastructure-ownership model.
IPO size. INR 2,250 crore raised (May 2017)
Source

Recent events

2021.03.26
Reported2021.03.27
IndiGrid completes acquisition of NER-II Transmission[2]IndiGrid完成对NER-II Transmission的收购business-standard.com
India Grid Trust (IndiGrid) said it completed the acquisition of NER-II Transmission from Sterlite Power at an enterprise value of about Rs 4,625 crore.
Unconfirmed
Reported2020.09.28
IndiGrid Trust completes acquisition of JKTPL[3]IndiGrid Trust 完成收购 JKTPLequitybulls.com
India Grid Trust completed its acquisition of 74% of Jhajjar KT Transco Private Limited from Kalpataru Power Transmission Limited and Techno Electric & Engineering Company Limited.
2020.05.29
Reported2020.05.29
IndiGrid announces agreement to acquire Jhajjar KT Transco[4]IndiGrid宣布签署收购Jhajjar KT Transco协议equitybulls.com
IndiGrid announced the execution of a share purchase agreement to acquire 100% of Jhajjar KT Transco from Kalpataru Power Transmission and Techno Electric & Engineering. The transaction was subject to approvals and other conditions and was expected to close over the next couple of months.
2020.04.10
Reported2020.04.10
IndiGrid board approves acquisition of Gurgaon Palwal Transmission[5]IndiGrid董事会批准收购Gurgaon Palwal输电资产financialexpress.com
The board of IndiGrid’s investment manager approved the acquisition of Gurgaon Palwal Transmission (GPTL) from Sterlite Power for a value of up to Rs 1,080 crore.
2020.03.24
Reported2020.03.24
IndiGrid completes acquisition of ENICL from Sterlite Power[6]IndiGrid完成从Sterlite Power收购ENICLthehindubusinessline.com
IndiGrid completed the acquisition of the ENICL transmission asset from Sterlite Power for USD 134 million. The transaction increased IndiGrid's portfolio to nine power transmission projects.
2020.03.24
Reported2020.03.25
IndiGrid announces acquisition of East North Interconnection Company[7]IndiGrid宣布收购East North Interconnection Companybusiness-standard.com
India Grid Trust (IndiGrid) announced on March 24, 2020 that it would acquire the transmission asset East North Interconnection Company from Sterlite Power for $134 million.

Sources17 sources

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