PSU Watch logo

| Govt aiming for 5G services launch by Aug 15 next year |   | COAI urges the government to reduce the 5G spectrum base price by more than half |   | RBI's recent norms on income recognition, asset classification, and provisioning may spike NPAs for NBFCs, says ICRA |   | Centre's proposed cryptocurrency 'regulation' may shift investors to equity |   | Indian Oil's Mathura refinery receives environmental clearance for expansion project |  

Adani Transmission to acquire Essel’s Warora-Kurnool Transmission Ltd for Rs 3,370 cr

Adani Transmission has signed a pact with Essel Infraprojects Limited to acquire its transmission service provider — Warora-Kurnool Transmission Ltd — for Rs 3,370 crore

Adani Transmission to acquire Essel’s Warora-Kurnool Transmission Ltd for Rs 3,370 cr
Adani Transmission to acquire Essel’s Warora-Kurnool Transmission Ltd for Rs 3,370 cr
  • This strategic West to South 765 KV interconnector with Substation in Southern India, completes ATL presence in all regions of the country, said Anil Sardana

  • Adani Transmission said that the acquisition of Warora-Kurnool Transmission Ltd is expected to be completed in one month

New Delhi: Adani Transmission Ltd (ATL) has signed a pact with Essel Infraprojects Limited (EIL) to acquire its transmission service provider — Warora-Kurnool Transmission Ltd — for Rs 3,370 crore. “We would like to inform that the Company (ATL) has signed definitive agreements with Essel Infraprojects Limited (EIL) on 26th March, 2021 for acquisition of Warora-Kurnool Transmission Ltd. (“WKTL”),” Adani Transmission said in a regulatory filing to the stock exchanges on Saturday. ATL’s acquisition values the Enterprise Valuation of the target at Rs 3,370 crore, the company added.

Acquisition of Warora-Kurnool Transmission Ltd to be completed in a month

Adani Transmission said that the acquisition of Warora-Kurnool Transmission Ltd is expected to be completed in one month subject to all necessary regulatory approvals and other consents. The regulatory approval for the substitution of the original awardee in the contract by ATL has already been received from Central Electricity Regulatory Commission (CERC). The lenders’ consent and other necessary regulatory approvals shall be obtained before closure of the transaction, said Adani Transmission. 

ALSO READ

1. Adani group gets LOA from NHAI to build four lane highway in Telangana

2. Adani Green to acquire 74.94 MW solar projects from Sterling & Wilson

With WKTL acquisition, Adani Transmission now present pan-India

“The acquisition of WKTL will bolster ATL’s pan-India presence, consolidating further its position as the largest private sector transmission company in India. This strategic West to South 765 KV interconnector with Substation in Southern India, completes ATL presence in all regions of the country. This asset will not only increase ATL’s size and scale but will also take ATL closer to its target of setting up 20,000 ckt km of transmission lines by 2022. The acquisition is a further demonstration of ATL’s drive towards differentiated capability through inorganic growth, successful integration and making such assets value accretive, for long term sustainable value creation for its stakeholders,” said Anil Sardana, MD and CEO of Adani Transmission Ltd.

Warora-Kurnool Transmission Ltd

Warora-Kurnool Transmission Ltd will develop, operate and maintain transmission lines aggregating to ~1,750 ckt km. The 765 kV inter-state transmission line links Warora– Warangal and Chilakaluripeta-Hyderabad–Kurnool with a 765/400 kV new sub-station at Warangal. The project was awarded through competitive bidding process on a build, own, operate, maintain basis.

(PSU Watch- India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram & Twitter as well. Join PSU Watch Channel in your Telegram and follow us on Twitter to stay updated)