New Delhi: Adani Transmission Ltd (ATL) on Wednesday received Competition Commission of India’s approval to buy Reliance Infrastructure Ltd’s western region power transmission projects in Gujarat and Maharashtra.
The fair trade regulator announced its approval in a posting on Twitter. ATL will acquire Reliance Infrastructure’s Western Region System Strengthening Scheme (WRSSS) power transmission assets of about 3,100 circuit km at an enterprise value of Rs1,000 crore. Reliance Infrastructure owns India’s first private sector transmission projects—WRSSS B and WRSSS C—located in Maharashtra, Gujarat, Madhya Pradesh and Karnataka.
In October, the two companies had signed a binding term sheet for Reliance Infrastructure’s three operational transmission projects —WRSSS B, WRSSS C and Parbati Koldam Transmission Co. Ltd (PKTCL). A filing with the CCI said that ATL, through the deal, will acquire 74% shareholding in PKTCL from Reliance Infrastructure. PKTCL is a joint venture between Reliance Infrastructure (74%) and Power Grid Corp. of India Ltd (26%) and is engaged in power transmission.
