IndiGrid to acquire 2 projects from FRV Solar for Rs 660 cr New Delhi,

By: |
December 19, 2020 5:38 PM

The completion of acquisition would depend upon receipt of relevant approvals and completion of contractual obligations, IndiGrid said in a BSE filing.

IndiGrid , FRV solar holdings, Infrastructure investment, pricewaterhouse coopersIndiGrid will acquire 100 per cent shareholding and management control in FRV I and FRV II. (Rerpresentational Image)

Infrastructure investment trust IndiGrid on Saturday said it has inked an agreement to acquire 100 per cent stake in two projects of FRV Solar Holdings for Rs 660 crore. The completion of acquisition would depend upon receipt of relevant approvals and completion of contractual obligations, IndiGrid said in a BSE filing.

“India Grid Trust (IndiGrid)has signed securities purchase agreement on December 18, 2020 for acquisition of 100 per cent in FRV Andhra Pradesh Solar Farm-I Private Ltd (FRV I) & FRV India Solar Park II Private Ltd (FRV II) from FRV Solar Holdings XI BV,” it said.

The enterprise value of the deal is Rs 660 crore, subject to adjustment on account of movement in cash, tariff receivables, other assets, liabilities outstanding as on valuation date and any other adjustments as specified in the definitive agreements, it added. IndiGrid will acquire 100 per cent shareholding and management control in FRV I and FRV II.

FRV I was incorporated on July 14, 2016. It operates 50 MW (AC) solar power plant in Ananthapuramu Solar Park. The asset was commissioned in July 2018. During 2019-20, FRV I had a total revenue of Rs 47 crore FRV II was incorporated on July 9, 2016. It also operates 50 MW (AC) solar power plant in Ananthapuramu Solar Park. The project was commissioned in January 2019. In the last fiscal year, FRV II had a total revenue of Rs 50 crore.

Cyril Amarchand and PriceWaterHouse Coopers represented IndiGrid on the transaction. Khaitan & Co and Greenstone Advisors represented FRV Group

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1SC upholds threshold for home-buyers to move NCLT
2Aluminium companies seek hike in customs duty
3Kerala looking into the possibility of setting up a dedicated VC fund