Adani Transmission to acquire project from Essel group
India, Ahmedabad: Adani Transmission has signed an agreement to acquire Warora-Kurnool Transmission from the infrastructure unit of Essel group.
Warora-Kurnool Transmission will develop, operate, and maintain transmission lines totalling 1,750 km. Two 765 kV inter-state transmission with a new 765/400 kV substation at Warangal shall be built and operated as a part of the agreement.
Adani Transmission has won a bidding process to sign the deal at an enterprise valuation of $460 M (Rs 3,370 crore). The transaction has been signed on a build, own, operate, and maintain basis, and the project has a concession life of 35 years. Adani Transmission said that the target company completes its presence in all regions of the country. This asset will also take it closer to its target of 20,000 km of transmission lines by 2022.
Last year, Adani Transmission agreed to buy a subsidiary of Kalpataru Power Transmission. Back in 2017, it signed a mega deal with Reliance Infrastructure to buy the Mumbai power business, which includes generation, transmission and distribution of electricity.
Adani Transmission, a subsidiary of Adani Enterprises, is the country’s largest private transmission and retail electricity distribution company with a network of more than 15,400 km, of which more than 12,200 km is operational.