Adani Transmission Limited (ATL) said on Monday that it has entered into agreements with Kalpataru Power Transmission Limited (KPTL) for acquisition of Alipurduar Transmission Limited (APTL). The company will buy the transmission subsidiary from Kalpataru Power Transmission for an enterprise value of Rs 1,286 crore, Adani Transmission said in an exchange filing.
Adani expects to complete the acquisition in the next few months, subject to all regulatory approval. "The acquisition is in sync with ATL's strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities," Adani Transmission said in an exchange filing.
"The acquisition of Alipurduar Transmission will bolster the pan-India presence of ATL consolidating its position as the largest private sector transmission company in India. This asset will take ATL closer to its target of setting up 20,000 ckt km of transmission lines by 2022," said Anil Sardana, Managing Director and Chief Executive Officer for ATL.
The acquisition is expected to be completed in two months subject to all necessary regulatory approvals and other consents. Integrated in 2013, ATL handles the commissioning, operations and maintenance of electric power transmission systems. The company has the following subsidiaries: Maharashtra Eastern Grid Power Transmission Company Limited, Maru Transmission Service Company Limited, Adani Transmission (India) Limited, Hadoti Power Transmission Service Limited, Raipur-Rajnandgaon-Warora Transmission Limited, Sipat Transmission Limited, and Chhattisgarh-WR Transmission Limited.
Shares of Adani Transmission were trading at Rs 263.45, up 2.15 points, or 0.82 per cent on BSE at the time of reporting.Also read: India-China issue: Chinese Army moves back over 1 km from Galwan valley
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