Ahmedabad, July 1 (IANS) Adani Transmission Ltd (ATL) on Friday said it will acquire stakes in two transmission businesses of GMR Energy, at a total value said to be Rs 100 crore.
According to a definitive agreement signed between the two companies, ATL will acquire 74 per cent stake in Maru Transmission Service Company Ltd (MTSCL) and 49 per cent stake in Aravalli Transmission Service Company Ltd (ATSCL) — with an option to acquire 100 per cent in both the projects.
“ATL is foreseeing significant growth in the transmission sector and expects to maintain its leadership position in the country. This acquisition is in sync with the long term strategy of ATL,” said a company statement, citing Adani Group Chairman Gautam Adani.
ATSCL operates 400 KV Hinduan-Alwar transmission line (2×315 MVA 400/220 KV grid substation at Alwar) while MTSCL operates 400 KV S/C Ajmer-Deedwana transmission line and 220 KV D/C Sujangarh-Deedwana transmission line of 30 km and 2×315 MVS, among others.
In close proximity to these assets, ATL is developing another transmission line from Suratgarh to Bikaner in Rajasthan.
ATL owns, operates and maintains around 5,000 circuit km of transmission lines ranging from 400 KV to 765 KV, with completion of the ongoing projects slated to take its total lenght to 7,300 circuit km.