IndiGrid on Thursday announced that it will acquire NERES XVI Power Transmission Ltd, an inter-state transmission project, from Techno Electric & Engineering Company Ltd (TEECL) at an enterprise value of up to Rs 460 crore, once the project is commissioned.

Located in India’s northeastern region near IndiGrid’s existing assets, the project includes a 400/220/132 kV substation with a total transformation capacity of 1,400 MVA and a 45 km double-circuit transmission line.

According to IndiGrid, it has signed definitive agreements with TEECL to acquire the project, subject to the start of commercial operations and receipt of necessary regulatory approvals.