IndiGrid has signed definitive agreements with Techno Electric & Engineering Company to acquire the interstate transmission project, NERES XVI Power Transmission (NPTL), after the project has commenced commercial operations and received all the required necessary approvals.
The project is located in the northeast part of India in close proximity to IndiGrid’s existing assets and is made up of a 400/220/132 kV substation with a total transformation capacity of 1,400 MVA and about 45 kilometers of a double-circuit transmission line. The anticipated date of commissioning is December 2026.
Builder TEECL will prepare and implement the project, and both a developer and an EPC company, since the company is a developer of this project, and IndiGrid can take active control of the process. On obtaining the required approvals and declaration of commercial operation date (COD), the project would be acquired by IndiGrid at a price not exceeding INR 460 crores.
This transaction is another milestone further cementing the long-term relationship between IndiGrid and TEECL. IndiGrid has also already acquired two of the existing operational transmission assets of TEECL, whilst TEECL has invested in two of the under-construction transmission assets of IndiGrid, with both companies thus remaining partners and providing all comprehensive EPC solutions to each other. The related collaboration potential of this deal is also enhanced by the fact that IndiGrid and TEECL collaborate on a project that is under construction, and that project is modeled to be sold after the COD.
Commenting on the acquisition, Harsh Shah, MD, 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, MD, Techno Electric & Engineering Company, said, “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.”
