Thu. Mar 28th, 2024

On July 6, Adani Transmission announced its decision to purchase a transmission subsidiary from Kalpataru Power Transmission for an enterprise value of Rs 1,286 crore.

The company issued a statement in which it said,” Adani Transmission has signed definitive agreements with Kalpataru Power Transmission (KPTL) for acquiring Alipurduar Transmission in a manner consistent with Transmission Service Agreement and applicable consents”.

The company expects to close the acquisition deal by the next few months, subject to all regulatory approval. It said, “The acquisition is in sync with ATL’s strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities”. After the deal closes, Adani Transmission’s cumulative power network will expand to more than 15,400 circuit kilometers (ckt kms).

In February, Qatar Investment Authority (QIA) has purchased 25.10 per cent stakes in Adani Electricity Mumbai (AEML) from ATL. It also has acquired shareholder subordinated debt in AEML. The total investment by QIA in AEML has been worth Rs 3,220 crore approximately. This investment along with a recently completed capital management programme of the company has helped Adani Transmission in its capital expenditure plans.

Managing Director and Chief Executive Officer of ALT, Anil Sardana said, “The acquisition of Alipurduar Transmission will bolster the pan-India presence of ATL consolidating its position as the largest private-sector transmission company in India. This asset will take ATL closer to its target of setting up 20,000 ckt km of transmission lines by 2022”.

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