Latest News | KKR Affiliate Esoteric II Terminates Pact to Buy 15% Stake in IndiGrid

New Delhi, Aug 3 (PTI) Infrastructure investment trust IndiGrid on Monday said global investment company KKR's affiliate Esoteric II has terminated the contractual arrangement to purchase 15 per cent in it.

The Esoteric II had to purchase 15 per cent stake from IndiGrid's (India Grid Trust) investment manager Sterlite Power Grid Venture Ltd (SPGVL).

Also Read | Mi 10th Anniversary Event 2020: Xiaomi Likely to Launch Mi 10 Pro Plus & New Products on August 11.

"The investment manager of IndiGrid has received a letter from Esoteric II Pte Ltd (Esoteric II), an affiliate of KKR & Co Inc, on August 3, 2020 intimating termination of their contractual arrangement with the SPGVL (sponsor of IndiGrid) regarding purchase of 15 per cent of issued and outstanding units of IndiGrid from SPGVL...," a regulatory filing said.

In light of the same, Esoteric II has also withdrawn its intent to be designated as a sponsor of IndiGrid, it said.

Also Read | Google Pixel 4a Prices Along With Specifications Leaked Ahead of Its Launch.

The company has not divulged the details about the value of the transaction which has been terminated.

Commenting on this, the SPGVL told PTI, "In September 2019, Sterlite Power Grid Ventures Ltd and KKR had entered into an agreement for sale of 15 per cent stake in IndiGrid, which has automatically expired on July 15, 2020."

It further said, "Sterlite Power Grid Ventures Ltd remains committed to executing asset transfers of about Rs 6,500 crore as per current framework agreement with IndiGrid."

IndiGrid is infrastructure investment trust (InvIT) which was established to own inter-state power transmission assets in India. IndiGrid was established on October 21, 2016, by Sterlite Power Grid Ventures Ltd.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)