Adani Transmission acquires RInfra WRSSS assets for Rs 1k cr
Adani Transmission today said it has completed acquisition of operational transmission assets of WRSS Schemes of Reliance Infra for Rs 1,000 crore.
In effect, its power-wheeling network crossed the 8,500 circuit km mark.
"Adani Transmission Ltd (ATL) attains a new milestone of 8,500 ckt kms (circuit kilometres) of transmission lines in operation by completing the acquisition of operational transmission assets of Western Region Strengthening System Schemes (WRSSS) - B and C of Reliance Infrastructure Limited (R-Infra)," an ATL statement said.
It further said ATL completed the acquisition of 100 per cent stake of WRTM and WRTG, with operational transmission lines aggregating 3,063 ckt kms, with a deal valuation of Rs 1,000 crore.
This acquisition, the company said, is in sync with the ATL strategy to enhance the value of its stakeholders through organic as well as inorganic growth.
Assets of ATL include 28 sub-stations with more than 16,200 MVA of transformation capacity across the country.
Recently, the company entered into a period of exclusivity with Reliance Infrastructure till January 15, 2018, for discussions on the proposed acquisition of the integrated business of generation, transmission, distribution and retail of power for Mumbai, subject to confirmatory diligence, definitive documentation and customary approvals.
In a separate statement, Reliance Infrastructure said, "Sale of WRSSS transmission business is complete with deal valued at nearly Rs 1,000 crore. The entire proceeds from the stake sale shall be utilised for debt reduction."
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.