Adani Transmission to acquire of Alipurduar Transmission
Mumbai/UNI: Adani Transmission Ltd (ATL) has signed definitive agreements with Kalpataru Power Transmission Ltd (KPTL) for acquiring Alipurduar Transmission Ltd in a manner consistent with Transmission Service Agreement and applicable consents.
The Enterprise value for the project is ascribed as Rs 1,286 crore, company said in a filing with BSE.
The acquisition is expected to be completed in few months, subject to all necessary regulatory approvals and other consents.
The acquisition is in sync with ATL's strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities. With this acquisition, the cumulative network of ATL will reach more than 15,400 ckt kms, out of which more than 12,200 ckt kms (including this asset) is operational and more than 3,200 ckt kms is under various stages of execution. With this scale of operations, ATL will enjoy substantial benefits in terms of cost optimization, shared resources and will fortify its position of being the largest private sector transmission company in the country.
Mr. Anil Sardana, MD & CEO, Adani Transmission Ltd said, "The acquisition of Alipurduar Transmission Ltd. 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."
Alipurduar Transmission Ltd operates transmission lines aggregating to around 650 ckt kms in West Bengal and Bihar. The project was awarded through competitive bidding process on a build, own, operate, maintain basis. Element 1 of the project consisting of the transmission line from Alipurduar to Siliguri was commissioned on 20 Jan 2020 and Element 2 of the project consisting of the transmission line from Kishanganj to Darbhanga was commissioned on 6 Mar 2019.