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HomeBusinessEssar Power To Sell Transmission Line To Adani For Rs 1,913 Crore

Essar Power To Sell Transmission Line To Adani For Rs 1,913 Crore

Essar Power Transmission Company has 465-km transmission traces throughout three Indian states.

New Delhi:

Essar Power Ltd on Friday mentioned it has agreed to promote one in every of its two electrical energy transmission traces to Adani Transmission Ltd for Rs 1,913 crore.

The sale is part 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 biggest debt reimbursement within the historical past.

In a press release, Essar Power mentioned it “has entered into a definitive agreement with Adani Transmission Ltd to sell one of its two transmission lines for Rs 1,913 crore”.

Essar Power Transmission Company Ltd (EPTCL), a unit of Essar Power, has 465-km transmission traces 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 lowered 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 strategy of curating a inexperienced stability sheet round renewable vitality, which is in keeping with the group’s technique of investing in future-centric companies that give a superior fee of return inside 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 two,070 MW throughout 4 vegetation in India and Canada.

It is one in every of India’s first personal sector unbiased energy producers.

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