China, Hong Kong: Global investment firm KKR & Co Inc is leading a deal to acquire a controlling stake in India Grid Trust (IndiGrid) according to sources close to the company.
KKR, together with Singaporean sovereign wealth fund GIC, will acquire up to 57 % of IndiGrid for about $400 M. IndiGrid’s current market value is about $332 M.
The deal would mark KKR’s first infrastructure investment in Asia since it set up a team late last year that focuses on the sector in the region.
Sterlite Power, a major private transmission developer, created IndiGrid in 2016 to run its asset operations. IndiGrid owns five assets developed by Sterlite and one from a third party and 13 transmission lines.
KKR hired David Luboff, former chief executive of Macquarie Group’s Asia Infrastructure Fund, as its head of Asia Pacific Infrastructure from the beginning of this year.
It is considering launching an Asia-focused infrastructure fund which could be as large as $1.5 B, Reuters has reported.