Powergrid Infrastructure Investment Trust

Powergrid Infrastructure Investment Trust Technicals

Powergrid Infrastructure Investment Trust Financials

Powergrid Infrastructure Investment Trust Shareholding Pattern

About Powergrid Infrastructure Investment Trust

Powergrid Infrastructure Investment Trust was registered with SEBI on January 7, 2021 as an Infrastructure Investment Trust (InvIT) under the Securities and Exchange Board of India, Regulations, 2014 in the Republic of India . Power Grid Corporation of India Limited, a Maharatna CPSE under Ministry of Power, Govt. of India is the Sponsor of PGInvIT and is listed with the BSE and NSE Limited effective on May 14, 2021. The Sponsor, Power Grid Corporation of India Limited (PGCIL) settled the Trust on September 14, 2020 as an irrevocable trust, pursuant to the Trust Deed, under the Indian Trusts Act, 1882 for an initial sum of Rs. 10,000. Further, Powergrid Unchahar Transmission Limited ( PUTL) has been appointed as the Investment Manager, while Power Grid Corporation of India Limited has been appointed as the Project Manager to the Trust. The Trust was set-up to own, construct, operate, maintain and invest as an Infrastructure Investment Trust (InvIT) under SEBI InvIT Regulations, including in power transmission assets. PGInvIT's portfolio includes 3,699 circuit kilometres (ckm) of transmission line, of which 3174.49 ckm operate at 765 kV and 524.1 ckm operate at 400 kV. The trust manages three substations with a combined transformation capacity of 6630 MVA, alongside 1955.66 km of optical ground wire (OPGW). Additionally, two RTM projects were assigned to SPVs under the trust, viz. 125 MVAR, 420 kV Bus Reactor under KATL and 400 kV line bay at 765/400 kV Parli (New) Subst ...ation for Renewable Energy (RE) Interconnection under PPTL. Both the assets have been completed. As of September 30, 2020, eight of these ISTS SPVs had commenced commercial operations, comprising 39 transmission lines (6,398 ckm), with a total power transformation capacity of 9,630 MVA. The remaining Sponsor TBCB Projects are at different stages of development. The Initial Portfolio Assets comprise five power transmission projects located across five states of India. The projects comprise 11 transmission lines, including six 765 kV transmission lines and five 400 kV transmission lines, with a total circuit length of approximately 3,698.59 ckm, and three substations with 6,630 MVA of an aggregate transformation capacity and 1,955.66 km of optical ground wire. The Initial Portfolio Assets were awarded to Sponsor under the TBCB mechanism on a build-own-operate-maintain (BOOM) basis. Investment Manager, Powergrid Unchahar Transmission Limited, a wholly-owned subsidiary of the Sponsor, is responsible for managing the Trust and the Initial Portfolio Assets as well as undertaking investment decisions relating to its assets. The Investment Manager has been engaged in the power transmission business since Fiscal 2014 and has relevant infrastructure sub-sector experience owing to its involvement in the construction and operation of a transmission system. The Investment Manager meets the prerequisite experience as required under the InvIT Regulations. Investment Manager has overall responsibility for setting strategic direction, including in relation to its future acquisitions, divestment, or enhancement of assets. Sponsor has been awarded various transmission projects under the TBCB mechanism adopted by the Central and the State Governments and as of September 30, 2020, had the highest market share, on the basis of number of projects awarded among the ISTS projects awarded under the TBCB mechanism (Source: CEA Monthly Progress Report of Transmission Projects awarded Through Tariff Based Competitive Bidding (TBCB) Route (Completed Projects), September 2020; CEA Monthly Progress Report of Transmission Projects awarded Through Tariff Based Competitive Bidding (TBCB) Route (Under Construction Projects), September 2020). During the period October 6, 2008 and September 30, 2020, Sponsor was declared as the successful bidder for 16 out of 52 ISTS projects awarded under the TBCB mechanism. In addition, Sponsor was awarded four intrastate projects through the TBCB mechanism. As of September 30, 2020, Sponsor operated, on a standalone basis, 1,237 transmission lines aggregating to 161,742 ckm (circuit km), 248 substations (including HVDC substations and GIS substations) with 410,185 MVA of transformation capacity. Further, as of September 30, 2020, Sponsor's total transmission assets, including its wholly owned subsidiaries, consisted of 1,276 transmission lines aggregating to 168,140 ckm, 252 substations with an aggregate transformation capacity of 419,815 MVA. Apart from this, the Sponsor also has a diverse set of equity investors, including foreign portfolio and institutional investors, mutual funds and insurance companies, and access to a wide range of project finance and debt instruments from Indian and international markets and investors. The Trust came up with an IPO in May, 2021, aggregating the to the Total Offer Size of Rs.7,734.991 crore, comprising a Fresh Issue of Rs.4,993.483 crore and an Offer for Sale of Rs.2,741.508 crore. PGInvIT had acquired a 74% equity stake in each of five SPVs from PGCIL pursuant to its IPO. The transfer of funds for the acquisition of the 74% equity stake was completed in May 2021. Subsequently, in March 2022, PGInvIT acquired the remaining 26% equity stake in one of the SPVs, namely VTL, from its sponsor. PGInvIT again acquired 26% equity stake in each of the 4 SPVs, namely Kala Amb Transmission Limited (KATL), Parli Power Transmission Limited (PPTL), Warora Transmission Limited (WTL), and Jabalpur Power Transmission Limited (JPTL) on December 30th, 2024 and held 100% equity stake in each of five SPVs. In 2025, five inter-State Transmission System (ISTS) projects were implemented to the underlying assets of the Trust, which comprised of 11 lines; ~3,699 ckm and 3 substations; 6,630 MVA.