Shares of Techno Electric & Engineering Company were stuck in a 5 percent upper circuit at Rs 1,729.25 on the BSE after it announced a partnership with IndiGrid to co-develop two greenfield Interstate Transmission System (ISTS) projects under IndiGrid's portfolio.
Techno Electric's shares have gained 120 percent in the past six months, significantly outperforming the Nifty 50 which rose 11 percent during the same period.
Under the terms of the Securities Subscription Cum Shareholders Agreement (SSSHA), Techno Electric will invest minority capital and take charge of the complete execution of the projects on a Lump Sum Turnkey (LSTK) basis. The partnership focuses on two ISTS projects - Ishanagar Power Transmission Ltd (IPTL) and Dhule Power Transmission Ltd (DPTL).
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"As a pioneer and leader in the energy transmission sector, Techno is immensely proud and honored to collaborate with IndiGrid in advancing India’s transmission story. This partnership represents a significant milestone for us, reflecting our commitment to leading the transformation of the energy landscape in India. With our deep execution capabilities, a strong balance sheet, and a shared vision for sustainable growth, we view this collaboration as a long-term strategic partnership that will shape the future of energy transmission in the country," said Padam Prakash Gupta, Chairperson of Techno Electric.
Founded in 1963, Techno Electric is one of India's leading companies in the power infrastructure sector. IndiGrid is the first Infrastructure Investment Trust (InvIT) in India's power sector.
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