IndiGrid and TEECL Deepen Strategic Partnership with INR 460 Crore Transmission Project Agreement

Key Highlights

• IndiGrid to acquire, NERES XVI Power Transmission Limited (NPTL), an inter-state transmission system project, post commissioning, at an Enterprise Value (EV) not exceeding INR 460 crores.
• TEECL to deliver end-to-end EPC execution and project management, with IndiGrid acquiring post commissioning.
• Located in proximity to IndiGrid’s existing assets, NPTL is expected to contribute ~INR 49 crore in annual tariff revenues post-acquisition.

Mumbai/ Kolkata, India – 21 August 2025: IndiGrid [BSE: 540565 | NSE: INDIGRID], India’s first and largest publicly listed power sector Infrastructure Investment Trust (InvIT), today announced the signing of definitive agreements with Techno Electric & Engineering Company Limited (TEECL) [BSE: 542141 | NSE TECHNOE ] to acquire the inter-state transmission project – NERES XVI Power Transmission Limited (NPTL) – post the commencement of commercial operations of the project and receipt of all requisite approvals.

The project, located in the northeastern region of India, close to IndiGrid’s existing assets, comprises a substation of 400/220/132 kV with total transformation capacity of 1,400 MVA, and 45 kms of double-circuit transmission line. The targeted commissioning date is December 2026.

The project will be executed by TEECL as the developer and EPC provider, with IndiGrid providing active oversight and support. Post achieving COD and receipt of required approvals, the project will be acquired by IndiGrid at a value not higher than INR 460 crores.

This transaction marks another milestone in the longstanding partnership between IndiGrid and TEECL. Over the years, IndiGrid has successfully acquired two operating transmission assets from TEECL, while TEECL has invested in two of IndiGrid’s under-construction projects, where it continues to deliver end-to-end EPC solutions. With this transaction, the partnership has further deepened, as IndiGrid and TEECL collaborate on an under-construction project structured for acquisition post-COD between the two partners.

Commenting on the acquisition, Harsh Shah, Managing Director of IndiGrid, said, “This acquisition furthers our strategy of disciplined growth through high-quality projects. Our association with TEECL has evolved into a strong and multi-faceted partnership, spanning acquisitions, co-investments, and EPC execution. We are pleased to extend this relationship further, combining TEECL’s proven EPC expertise with IndiGrid’s track record of delivering predictable, sustainable value. Together, we aim to ensure timely and efficient project delivery, backed by robust governance, risk controls, and a shared commitment to infrastructure excellence.”

Padam Prakash Gupta, Managing Director, Techno Electric & Engineering Company Limited, said: “We are delighted to strengthen our collaboration with IndiGrid through this strategically important transmission project in the Northeast. TEECL has consistently delivered complex power transmission projects with a focus on quality, safety, and timely execution. This agreement underscores our ability to build high-value infrastructure assets that resonate with leading long-term investors such as IndiGrid. With our engineering and execution expertise and IndiGrid’s investment acumen, we are confident of creating sustainable value for India’s power sector and all stakeholders.”