SPONSOREsoteric II Pte. Ltd ( an affiliate of KKR)
Esoteric II Pte. Ltd., an affiliate of KKR, is the sponsor for IndiGrid. In the 3rd Annual General Meeting of IndiGrid held on September 28, 2020, the unitholders approved the induction of Esoteric II Pte. Ltd. as a sponsor (as defined under the InvIT Regulations) by a special majority (> 75% voting). This move marked an extension of IndiGrid’s strategic relationship with KKR. KKR’s induction would allow the Trust to leverage KKR’s global experience of investment management, along with enhancing its corporate governance standards in line with global standards. KKR had invested INR 1,084 Crore in IndiGrid in May 2019 and currently owns an approximate 24% stake in the platform. Separately, KKR also owns 74% stake in IndiGrid Investment Managers Limited (IIML), the Investment Manager of IndiGrid.
As of September 30, 2021; total FII ownership (including sponsor) in IndiGrid is at ~55%. KKR (Sponsor) owns 24%, GIC owns ~20% while the balance 10% is held by other marquee foreign investors. DII and corporates hold ~23% of the units which includes 9 insurance companies, 4 mutual funds and 3 employee pension funds. Retail holding is at 22%, an increase of more than 4 times in value since IPO.
Apart from being a sponsor, Esoteric II Pte. Ltd., an affiliate of KKR, is also the majority unitholder of IndiGrid Investment Managers Limited (IIML) with 74% stake. This partnership is expected to allow IndiGrid to leverage KKR’s global experience of investment management, along with enhancing its corporate governance standards in line with global standards.
IndiGrid Investment Managers Limited (IIML) is the Investment Manager for IndiGrid. The Investment Manager is responsible for the operations pertaining to the Trust, such as distribution of cash flows, acquisition/ divestment of assets etc. IIML executed Investment Management Agreement with IndiGrid on November 10, 2016.
Axis Trustee Services Limited, registered as an intermediary with SEBI under the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, serves as the trustee for IndiGrid. The Trustee, independent of Sponsor and Investment Manager, is entrusted with the custody of the assets ensuring highest standards of corporate governance.
- Represents Economic Ownership
IGL= IndiGrid Limited,, IGL1 = IndiGrid 1 Limited , IGL2 = IndiGrid 2 Limited, BDTCL = Bhopal Dhule Transmission Company Limited, JTCL = Jabalpur Transmission Company Limited, RTCL = RAPP Transmission Company Limited, PKTCL = Purulia & Kharagpur Transmission Company Limited, MTL = Maheshwaram Transmission Limited, PTCL = Patran Transmission Company Limited, NTL = NRSS XXIX Transmission Limited, Kallam = Kallam Transmission Limited, OGPTL = Odisha Generation Phase II Transmission Limited, ENICL = East-North Interconnection Company Limited , GPTL = Gurgaon Palwal Transmission Limited, JKTPL = Jhajjar KT Transco Private Limited, PrKTCL = Parbati Koldam Transmission Company Limited, NER-II = NER II Transmission Limited, Solar I & II = IndiGrid Solar-I (AP) Private Limited and IndiGrid Solar-II (AP) Private Limited
- *Sterlite Power Transmission Ltd. is also the sponsor with 0% stake in IndiGrid
- ^KKR acquired 26% stake in IIML held earlier by Sterlite Power Transmission Ltd. in Jan 2022
- #PrKTCL held in a Joint Venture with Power Grid holding 26% stake