Adani Transmission Acquires Arm Of REC Transmission Projects
The acquisition was made for an undisclosed amount.
Adani Transmission Ltd. on Monday said it has signed a share purchase agreement and completed the acquisition of the WRSS XXI (A) Transco Ltd., incorporated by REC Transmission Projects Company.
The acquisition was made for an undisclosed amount.
With this acquisition, ATL's cumulative transmission network will reach more than 14,000 circuit kilometer of transmission line and more than 23,000 MVA transformation capacity, out of which more than 11,000 ckt kms and more than 18,000 MVA are under the steady-state operation, the company said in a statement.
"ATL will build, own, operate and maintain the transmission project in Gujarat for a period of 35 years. The project consists of around 272 ckt kms of 765kV line along with associated transmission system," it said.
This project is primarily being constructed to strengthen the transmission system for relieving over loadings observed in Gujarat intra-state system due to renewable energy injections in Bhuj.
"With the signing of the agreement for execution of transmission project in Gujarat, ATL's position as the largest private sector transmission company operating in India is consolidated further," company's managing director and Chief Executive Officer Anil Sardana said.
This project also takes the company closer to its target of setting up 20,000 ckt km of transmission lines by 2022, he said.
"The project will bolster the pan-India presence of the company while supporting the sustainable development of renewable energy infrastructure development in the country. ATL also operates a distribution business serving about three million customers in Mumbai," Sardana added.