IndiGrid, G R Infraprojects to Jointly Bid for Rs 5,000 Cr Power Transmission Projects

India Grid Trust (IndiGrid) and G R Infraprojects Ltd (GRIL) have signed a Memorandum of Understanding (MoU) to jointly bid for identified TBCB (Tariff Based Competitive Bidding) transmission projects aggregating to approximately Rs 5,000 crore in the Indian power transmission sector.
 
Recently, the Power Ministry has unveiled a plan for investment of Rs 2,50,000 crore in building transmission infrastructure for meeting the vision of 500 GW of renewable energy capacity by 2030 to meet its energy transition goal.
 
Commenting on the partnership, Harsh Shah, Chief Executive Officer of IndiGrid, said, “We are delighted to announce this partnership with GR infra. They have an impeccable track record of executing infrastructure projects in the country. The partnership stands to benefit from GRIL’s strengths of execution and developmental capabilities on the ground and synergies from IndiGrid’s operational portfolio. This partnership is in line with our strategy to acquire value accretive operational transmission assets.”
 
“Additionally, the expansion works received across few existing assets of IndiGrid aggregating to ~Rs 230 crore on Regulated Tariff Mechanism (RTM) basis, enables us to leverage our operational and developmental capabilities and contribute towards sustainable increase in the DPU,” Shah added.
 
To commence the partnership, IndiGrid and GRIL have entered into a framework agreement to acquire 100 per cent stake in Rajgarh Transmission Ltd, which GRIL had won in March 2022. This project is part of the Interstate transmission system (ISTS) and comprises of 400/220kV Substation at Rajgarh and 400kV double circuit Line in Madhya Pradesh.
 
Under the partnership, GRIL would develop and execute the project, while IndiGrid would operate and manage the asset post-acquisition from GRIL upon its COD.
 
“We believe this partnership with IGT is a significant milestone in the journey towards building a presence in Power Utility for GRIL. With our dynamic synergies, we will establish ourselves as pioneer developers in this sector. Successful closure of this project will bring immense value to both the organisations and public at large. And we look forward to strengthening this partnership even further,” said Ashwin Agarwal of GRIL.