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Adani Group buys Essar Power's Mahan-Sipat transmission line for Rs 1,913 cr
Ahmedabad: Adani Transmission Ltd (ATL), India's largest private-sector transmission and distribution company, said on Friday it has signed definitive agreements with Essar Power to buy its Mahan-Sipat transmission line for Rs 1,913 crore.
Mahan-Sipat transmission line is 673 ckt kms operational inter-state transmission project owned and operated by Essar Power Transmission Ltd. The Enterprise value for the transaction is Rs 1,913 crore, Adani Transmission Limited said in a statement. "The acquisition of Essar's transmission asset will consolidate ATL's presence in central India. With this acquisition, ATL is well on the path to achieving its 20,000 ckt kms target before time. We continue to remain at the forefront of grid stability and provide sustainable, reliable, and affordable energy solutions while creating long-term sustainable value for our stakeholders," said Anil Sardana, MD & CEO, Adani Transmission Ltd.
The target asset is an operational 400 kV inter-state transmission line linking Mahan in Madhya Pradesh to Sipat pooling substation in Chhattisgarh with a line length of 673 ckt km.
The project operates under the CERC regulated return framework and was commissioned on 22 September 2018. The proposed transaction will be executed through transaction steps which shall be subject to necessary regulatory approvals and other consents.
Adani Transmission Ltd said the "acquisition is in line with ATL's value-added growth strategy through organic as well as inorganic growth opportunities. With this acquisition, the cumulative network of ATL will reach 19,468 ckt kms, out of which 14,952 ckt kms is operational and 4,516 ckt kms is under various stages of execution. Further, with this scale of operations, ATL will derive synergies in terms of O&M cost optimization and shared resources."
"It will also fortify its position of being the largest private sector transmission and distribution company in the country. The asset will be operated in line with ATL's operational excellence framework committed to the highest standard of Environment, Social and Governance (ESG) aspects," the company said. (ANI)