IndiGrid withdraws solar SPV amalgamation scheme, no reason given
The NCLT has revoked the scheme that would have merged three solar SPVs with the holding company, reversing unitholder approval from January 2024.
— 1 earlier story on IndiGrid Infrastructure Trust →What's new
- IndiGrid withdrew the scheme of amalgamation involving three solar SPVs and IndiGrid Ltd.
- The NCLT passed the revocation order on July 1, 2026, with no reason disclosed.
- The reversal comes after unitholder approval in January 2024.
Why this matters
The withdrawal of a previously approved restructuring plan without explanation introduces strategic uncertainty for a high-debt InvIT that had been consolidating its solar portfolio. Unitholders approved the move 18 months ago; now it is gone.
What we're watching
- Whether management provides any rationale in the next communication.
- Impact on FY27 DPU guidance, which was set at ₹16.48 (up 3% YoY).
- Any alternative restructuring steps or asset-level moves.
The full read
IndiGrid Infrastructure Trust has pulled back from a restructuring plan that had been in the works for at least 18 months. The scheme to merge its three solar SPVs into the holding company was revoked by the NCLT on July 1, and the trust announced the withdrawal a day later without a hint of explanation. Unitholders had voted for this in January 2024. Now the consolidation is off the table, and the high-debt InvIT (debt/equity 3.88) has no stated alternative. The trust's latest quarter showed sales of ₹827 cr but a 61% plunge in PAT year-on-year. The 3% FY27 DPU guidance from May stands, but investors eyeing that distribution now have a clouded path to it. No reason, no replacement plan: the open question is what IndiGrid wants to be.
Questions answered
- What exactly was the scheme that got withdrawn?
- The scheme would have amalgamated three solar SPVs into IndiGrid Limited, the holding company.
- Was this scheme already approved?
- Yes, unitholders approved it in January 2024. The NCLT order now revokes that approval.
- Why was the scheme withdrawn?
- IndiGrid did not disclose any reason. The NCLT order simply revoked the scheme without explanation.
- How does this affect IndiGrid's financials?
- No immediate financial impact was disclosed. The trust reported sales of ₹827 cr and net profit of ₹39 cr in Sep 2025. Debt/equity is high at 3.88.
- What does this mean for unitholders?
- Unitholders lose a planned consolidation that could have simplified the structure. Without a replacement plan, portfolio integration remains uncertain.
- Is there any change to the FY27 distribution guidance?
- The DPU guidance of ₹16.48 (up 3% YoY) from May 2026 has not been retracted, but the scheme withdrawal casts uncertainty on cash flow assumptions.
IndiGrid Infrastructure Trust
Latest quarter · Sep 2025
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All notes on INDIGRID →- 2 Jul 2026 · 8:49 PM IST IndiGrid withdraws solar SPV amalgamation scheme, no reason given
- 42d ago IndiGrid's FY27 DPU guidance is 3% higher. The call added little else.