According to the deal terms, KKR affiliate Esoteric II Pte got 23% units of the trust with an option to buy a further 15% by July 15 this year. However, KKR has not purchased the additional stake before the agreed upon deadline, IndiGrid said in a disclosure to the bourses.
"ICRA expects an investment of Rs 1.8 trillion (Rs 1.8 lakh crore) over the five-year period from FY21 (financial year 2020-21) to FY25 in the power transmission segment at an all-India level, driven by evacuation infrastructure for RE projects," the rating agency said on Friday in the report.
Earlier this year, the Ministry of Power had circulated the draft Electricity Amendment Bill, 2020 for feedback. Besides, the government had announced its decision to privatise discoms in union territories and some states.
The lenders that include ICICI Bank and Punjab National Bank have picked Jet Airways' current administrator Ashish Chhawchharia to manage the affairs of the Essar power plants located in the Singrauli district of Madhya Pradesh, sources said. Essar Power Mahan has power supply contracts with Essar Steel.
Last month, union power and renewable energy minister RK Singh had told reporters and industry stakeholders that projects signed before August 1 would be eligible for a "grandfather" clause, which would have allowed renewable energy firms to claim reimbursements on the duty they have paid while importing equipment from China.
"The 100 per cent acquisition of the two projects, located in Karnataka, is part of its strategic mission to deliver high-quality projects organically and inorganically, to create value for its shareholders," it said. India InfraDebt financed the acquisition, the company said.
The company has a stated plan of scaling up its capacity to 10 gigawatts in the next 3-5 years from 4,559 mw now. While the capacity addition plan does not change, the company will now focus on renewable energy projects to add renewable energy projects.