India Grid Trust (IndiGrid), an infrastructure investment trust company, has received a $363 million investment from U.S. private equity major KKR and Singaporean sovereign wealth fund GIC.
Under the financing deal, KKR and GIC invested $157 million and $142 million, respectively, to collectively acquire 42 percent of IndiGrid’s outstanding units.
Additionally, KKR has also applied to become a sponsor of IndiGrid and plans to acquire an additional 15 percent of IndiGrid’s total units from India's Sterlite Power, an electric power transmission infrastructure and electric utility solutions provider.
IndiGrid is planning to use the investment proceeds to acquire five electricity transmission assets worth $1.7 billion from Sterlite Power.