Adani Transmission Ltd (ATL), on Friday, informed that the company has completed the acquisition of Alipurduar Transmission Limited from Kalpataru Power Transmission Ltd (KPTL) for an enterprise value of ₹1,300 crore.

ATL has acquired a 49 per cent stake with agreement to acquire the balance 51 per cent in Alipurduar Transmission Limited, pursuant to definitive agreements signed in July.

The remaining stake acquisition will be completed after obtaining the requisite regulatory and other approvals, and in a manner consistent with Transmission Service Agreement, ATL said in a statement.

Gautam Adani takes small, firm steps to distance from coal as ESG concern grows

The acquisition is in sync with ATL’s strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities.

With this acquisition, the cumulative network of ATL will reach more than 15,400 ckt kms, out of which, more than 12,200 ckt kms (including this asset) is operational and more than 3,200 ckt kms under various stages of execution, the company stated.

Alipurduar Transmission Ltdoperates transmission lines aggregating to around 650 ckt kms in West Bengal and Bihar.

The project was awarded through competitive bidding process on a build, own, operate, maintain basis.

Element 1 of the project consisting of the transmission line from Alipurduar to Siliguri was commissioned on January 20, 2020, and Element 2 of the project consisting of the transmission line from Kishanganj to Darbhanga was commissioned on March 6, 2019.

ATL shares gained over 5 per cent on the NSE to trade at ₹384 in early trade on Friday.

Related Topics
comment COMMENT NOW