IndiGrid aims to scale up its power transmission assets under management to $4 billion by 2022.

Private equity firm KKR backed infrastructure investment trust IndiGrid bought 100 per cent stake in Jhajjar KT Transco for $40 million from the current owners Kalpataru Power Transmission and Techno Electric & Engineering Company.

IndiGrid aims to scale up its power transmission assets under management to $4 billion by 2022 and has plans to diversify into the solar power sector.

Harsh Shah, Chief Executive Officer, IndiGrid, said: “This acquisition is in line with our strategy to acquire accretive operational assets with long term and stable cash flows thereby growing returns for unitholders.”

Apart from third party opportunities available in the Indian transmission sector, IndiGrid has another $865 million pipeline of transmission projects under the framework agreement with Sterlite Power providing visibility of about $2.4 billion of assets under management over the next two years. The deal to buy Jhajjar KT Transco is subject to approvals and marks the infrastructure investment trust's first such transaction with Kalpataru Power Transmission.