Page 15 - Index

02-40 CORPORATE OVERVIEW 41-59 STATUTORY REPORTS 60-147 FINANCIAL STATEMENTS
About PGInvIT
Profile
PGInvIT is a Trust set up under Indian Trusts Act, 1882 on September 14, 2020 and registered as an InvIT under the SEBI InvIT Regulations on January 7, 2021.
We own and operate five fully operational power transmission SPVs. Pursuant to our successful IPO, in May 2021, we acquired 74% equity shareholding in each of the SPVs from POWERGRID. Later, in March 2022, we acquired the balance 26% equity shareholding in one of the SPVs viz. PVTL. These SPVs form our initial portfolio assets. Implemented under the TBCB mechanism, they earn fixed tariffs pursuant to long-term TSA and additional incentives on maintaining over 98% availability.
Our Vision
To achieve a focussed business model with productive and operational efficiency to enhance returns
To capitalise on value accretive growth
through acquisitions and non-transmission revenues
To optimise transmission assets through an efficient capital structure
Power Grid Corporation of India Limited
Public Unitholders4
100%
Project Manager
26% in each IPA1
Investment Manager
Sponsor2 15% 85%
POWERGRID Infrastructure Investment Trust (PGInvIT)
(Trust)3
Trustee
POWERGRID Unchahar Transmission Limited
IDBI Trusteeship Services Limited (ITSL)
74% in 100% each IPA1
Initial Portfolio Assets (IPAs)
POWERGRID Kala Amb Transmission Limited (PKATL)
POWERGRID Parli Transmission Limited (PPTL)
POWERGRID Warora Transmission Limited (PWTL)
POWERGRID Jabalpur Transmission Limited (PJTL)
1. Balance 26% shareholding shall become eligible for acquisition in a phased manner, after expiry of the lock-in conditions under the TSA. i.e. PKATL(Jul’22); PPTL(Jun’23), PWTL(Jul’23) and PJTL(Jan’24)
2. Holds 136.5 million units 3. Total 910.0 million units 4. Hold 773.5 million units
POWERGRID Vizag Transmission Limited (PVTL)
The InvIT Assets shall distribute at least 90% of their net distributable cash flows (NDCF) to the Trust. The Trust shall distribute at least 90% of the Distributable Income to the Unitholders at least once every quarter. First distribution being six months from the date of listing and trading of units.
POWERGRID Infrastructure Investment Trust 13