Adani Transmission acquires 100% in KEC International
Adani Transmission (ATL) Friday said it has acquired 100 per cent stake in KEC International's Rajasthan-based power transmission arm at an enterprise value of Rs 227.5 crore.
With the acquisition of KEC Bikaner Sikar Transmission line aggregating 344 ckt km, the cumulative network of ATL will reach around 13,450 ckt km, out of which around 10,355 ckt km are under operation and the balance 3,095 ckt km, are under various stages of construction.
"This acquisition is in sync with ATL's strategy to enhance value for its stakeholders through organic as well as inorganic opportunities. Also with several other ATL transmission lines and substations in the state of Rajasthan, there would be synergy advantages," the company said in a statement issued here.
The share purchase agreement for this acquisition having an enterprise value of Rs 227.5 crore was signed in November last year.
"With this scale of operations, ATL will enjoy substantial benefits in terms of cost optimization, shared resources and will fortify its position of being the largest private sector transmission company in the country," it said.
Last year, ATL acquired the Mumbai energy business, including generation, transmission and distribution, of Anil Ambani-led Reliance Infrastructure for Rs 18800 crore, becoming the largest power transmission and distribution company in the private sector in the country.
"This acquisition has further consolidated our position in Rajasthan with an operating base of transmission lines aggregating to 1,375 ckt km and multiple substations. We are committed to provide state of the art technology and facilitate benchmark performance of its assets for the benefit of the grid operations and reliable customer services," ATL managing director and CEO Anil Sardana said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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