Adani Transmission To Buy Alipurduar Transmission From Kalpataru Power
Adani Transmission Ltd. said on Monday that it has entered an agreement with Kalpataru Power Transmission Ltd. (KPTL) for acquisition of Alipurduar Transmission Ltd.
The enterprise value for the project Rs 1,286 crore, Adani Transmission (ATL) said in a regulatory filing. Equity shares of Alipurduar are being acquired at a face value of Rs 10 each per share.
Alipurduar Transmission operates transmission lines aggregating to around 650 circuit kilometres (ckt. km) in West Bengal and Bihar, ATL said.
"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," the company added.
Adani Transmission Managing Director and Chief Executive Officer Anil Sardana 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.
The acquisition is expected to be completed in two months subject to all necessary regulatory approvals and other consents.