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HomeBusinessAdani Group To Buy Essar Power's Transmission Line For Rs 1,913 Crore

Adani Group To Buy Essar Power’s Transmission Line For Rs 1,913 Crore

Adani Group buys Essar Power’s Mahan-Sipat transmission line for Rs 1,913 crore

Ahmedabad (Gujarat):

Adani Transmission Ltd (ATL), India’s largest private-sector transmission and distribution firm, mentioned on Friday it has signed definitive agreements with Essar Power to purchase its Mahan-Sipat transmission line for Rs 1,913 crore.

Mahan-Sipat transmission line is 673 ckt kms operational inter-state transmission mission owned and operated by Essar Power Transmission Ltd. The Enterprise worth for the transaction is Rs 1,913 crore, Adani Transmission Limited mentioned in an announcement.

“The acquisition of Essar’s transmission asset will consolidate ATL’s presence in central India. With this acquisition, ATL is well on path to achieve 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,” mentioned Anil Sardana, MD & CEO, Adani Transmission Ltd.

The goal asset is an operational 400 kV inter-state transmission line linking Mahan in Madhya Pradesh to Sipat pooling substation in Chhattisgarh with line size of 673 ckt kms.

The mission operates below the CERC regulated return framework and was commissioned on 22 September 2018. The proposed transaction can be executed by transaction steps which shall be topic to vital regulatory approvals and different consents.

Adani Transmission Ltd mentioned 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 corporate mentioned.

(Except for the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)

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