Adani to Buy Essel’s Power Transmission Project for $465 Million
(Bloomberg) -- India’s Adani Transmission Ltd. will buy a power transmission project from Essel Infraprojects Ltd. for an enterprise value of 33.7 billion rupees ($465 million), it said in a stock exchange filing on Saturday.
The Warora-Kurnool project was awarded to Essel in a competitive bid, and Adani has obtained the central electricity regulator’s approval for the acquisition, according to the filing. The company plans to obtain consent of lenders and other regulators before completing the transaction.
The deal will take Adani’s transmission network to about 17,200 circuit kilometers, about 72% of which is operational. The company aims to reach 20,000 circuit kilometers by 2022, according to the filing.
©2021 Bloomberg L.P.