Continuing with its drive to own a big chunk of India’s power transmission network, Adani Transmission Ltd (ATL) announced the completion of yet another acquisition on Thursday. Close on the heels of its announcement on 1st July, 2016, ATL said it has completed its acquisition of 74% shares of Maru Transmission Service Company Limited (MTSCL) and 49% shares of Aravali Transmission Service Company Limited (ATSCL).
The company said in a statement that while payment has been made for 100% stake in both the companies, the remaining stake in both the companies will be transferred to ATL in a manner consistent with the Transmission Service Agreement. This acquisition is in sync with ATL strategy to enhance the value for its stakeholders, through organic as well as inorganic growth.
With this, cumulative network of ATL will reach around 10900 ckt kms, out of which approximate 9000 ckt kms are under operation (including 3500 ckt kms under process of acquisition) and approximate 1900 ckt kms are under various stages of construction.
With this scale of operations, ATL will enjoy substantial benefit of scale driving in terms of cost optimization and shared resources.
Just two days back, ATL announced the signing of Binding Term Sheet with Anil Ambani’s Reliance Infrastructure Ltd. (RInfra) to acquire the latter’s mega inter-state operational transmission assets. The acquisition includes picking of 100% of Reliance Infra’s stake in Western Region Strengthening System Scheme B (WRSSS B) of around 2089 ckt kms, 100% stake of Western Region Strengthening System Scheme C (WRSSS of around 974 ckt kms and 74% shares of R-Infra in Parbati Koldam Transmission Company Limited (PKTCL).
Recently, the company has successfully concluded two capital market fund raising programmes – USD Bond with overwhelming responses from global investors across Asia, USA, London and rupee denominated INR Offshore bond (Masala Bond).
Adani Transmission Ltd, part of the $12 bn plus Adani Group, is India’s first private sector player to receive the Global Investment Grade Rating in power sector. Adani Transmission Ltd is one of the largest private sector transmission companies in India with more than 7,000 circuit kms of transmission lines across Western, Northern and Central regions of India. The company was listed last year on the National Stock Exchange and Bombay Stock Exchange as a separate entity.
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