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Gujrat/Mumbai, 3rd June 2022: Adani Transmission Ltd (ATL), India's largest private transmission and distribution company, has entered into definitive agreements with the Essar Power Ltd (EPL), India's largest private sector power producer company, to acquire 673 circuit km constituting two interstate operational transmission lines owned by Essar Power Transmission Ltd. (EPTCL) for a value of 1913 crores.
The asset transacted is an operational 400 kV inter-state transmission line linking Mahan to the Sipat pooling substation. The project operates under the CERC regulated return framework.
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The proposed transaction will be executed through transaction steps which shall be subject to necessary regulatory approvals and other consents.
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 km, out of which 14,952 ckt km is operational and 4,516 ckt km is under various stages of execution.
“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 achieving 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.” said Mr. Anil Sardana, MD & CEO, Adani Transmission Ltd.
With this transaction, Essar Power will try to rebalance 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.
It is interesting to note, that Essar Power has a current power generating capacity of 2,070 MW across four plants in India and Canada.
-by Gautam
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