Adani completes Rs 1,300 cr acquisition of Alipurduar Transmission
Private sector transmission entity Adani Transmission Ltd. (ATL) has acquired Alipurduar Transmission Limited from Kalpataru Power Transmission Ltd. (KPTL) for an enterprise value of Rs 1,300 crore.
The acquisition involves ATL picking up 49 per cent stake in Alipurduar Transmission initially. The balance 51 per cent stake will be acquired after obtaining requisite regulatory and other approvals and in a manner consistent with the Transmission Service Agreement. The share acquisition is pursuant to definitive agreements signed in July 2020.
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 acquisition is in sync with ATL's strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities, the company said in a statement.
Alipurduar Transmission Ltd. operates transmission lines aggregating to around 650 ckt kms in West Bengal and Bihar.
The project was awarded through a 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 January 20,2020, and Element 2 of the project consisting of the transmission line from Kishanganj to Darbhanga was commissioned on March 6, 2019. - IANS