Adani Transmission said it has completed acquisition of operational transmission assets of WRSS Schemes of Reliance Infrastructure for Rs1,000 crore
New Delhi: Adani Transmission Ltd on Wednesday said it has completed acquisition of operational transmission assets of WRSS Schemes of Reliance Infrastructure Ltd for Rs1,000 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 Rs1,000 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 15 January, 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 Infra said, “Sale of WRSSS transmission business is complete with deal valued at nearly Rs1,000 crore. The entire proceeds from the stake sale shall be utilised for debt reduction."
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!