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essar: Essar Power sells transmission line to Adani Transmission for Rs 1,913 crore – Times of India

NEW DELHI: Essar Power Ltd on Friday mentioned it has agreed to promote one of its two electrical energy transmission strains to Adani Transmission Ltd for Rs 1,913 crore.
The sale is a component of deleveraging technique following which Essar has repaid over Rs 1.8 lakh crore to banks and monetary establishments within the final three years – the most important debt compensation within the historical past.
In a press release, Essar Power mentioned it “has entered right into a definitive settlement with Adani Transmission Ltd to promote one of its two transmission strains for Rs 1,913 crore”.
Essar Power Transmission Company Ltd (EPTCL), a unit of Essar Power, has 465-km transmission strains throughout three Indian states. The asset transacted is an operational 400 kV inter-state transmission line linking Mahan to the Sipat pooling substation.
The challenge operates underneath the CERC regulated return framework.
During the final three years, Essar Power has diminished its debt from a peak stage of Rs 30,000 crore to Rs 6,000 crore, the assertion mentioned, including the agency has been within the course of of curating a inexperienced stability sheet round renewable vitality, which is in line with the group’s technique of investing in future-centric companies that give a superior charge of return throughout the ESG framework.
Kush S, CEO of Essar Power Ltd mentioned, “With this transaction, Essar Power is rebalancing its power portfolio with the twin objective of deleveraging its balance sheets and investing in green and renewable power, thereby furthering its ESG-oriented future growth”.
Essar Power has a present energy producing capability of 2,070 MW throughout 4 crops in India and Canada.
It is one of India’s first non-public sector impartial energy producers.
Meanwhile, ATL MD & CEO Anil Sardana in a press release mentioned: “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 achieve its 20,000 ckt km 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”.
With this acquisition, the cumulative community of ATL will attain 19,468 ckt km, out of which 14,952 ckt km is operational and 4,516 ckt km is underneath varied phases of execution.

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