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Sterlite Power Transmission and US private equity giant KKR have agreed to cosponsor and together manage the former’s infrastructure investment trust, India Grid Trust, according to executives involved in the transaction, which is the first-of-its-kind in the country’s power sector.

India Grid Trust (IndiGrid) is aiming to raise Rs 2,560 crore through a qualified institutional placement that opened on Tuesday. Of this amount, KKR will invest Rs 1,084 crore and GICNSE Infra Holdings Pte will invest Rs 980 crore. Sterlite Power Transmission will invest Rs 200 crore to maintain the 15% ownership it is required to maintain as per Securities and Exchange Board of India norms.

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