Adani Transmission Ltd. signs Acquisition Agreement with GMR Energy

Ahmedabad: Adani Transmission Ltd (ATL), the largest private power transmission company in India, today announced the signing of Definitive Agreement with GMR Energy Ltd. to acquire 74% shares of Maru Transmission Service Company Limited (MTSCL) and 49% shares of Aravali Transmission Service Company Limited (ATSCL) with an option to acquire 100% in a manner consistent with Transmission Service Agreement and applicable consents.

The Equity value for 100% stake of the both the projects based in Rajasthan is ascribed at Rs. 100 Crore.

GMR Energy is a part of the Bangalore headquartered GMR Group , which is one of the largest diversified Infrastructure Conglomerates in India . With an operating capacity of over 2500 MW , it has a balanced fuel mix of coal, gas, LSHS as well as renewable sources of wind and solar energy. Apart from this, plants of over 2300 MW generation capacity are under advanced stages of completion and nearly 3700 MW of projects are under various stages of development in India and Nepal.

A press communique issued by the Adani Power today said that Aravali Transmission Service Company Limited (ATSCL) operates 400 KV S/C Hinduan – Alwar transmission line (96 km) and 2X315 MVA, 400/220 KV grid substation at Alwar and other associated works in Rajasthan. The project was awarded on Build, Own, Operate & Maintain (BOOM) basis and commissioned in July, 2014 and since then has been in successful operation.

Maru Transmission Service Company Limited (MTSCL) operates 400 KV S/C Bikaner –Deedwana Transmission Line which is approximately 129 km long; 400 KV S/C Ajmer–Deedwana Transmission Line of 106 Km; 220 KV D/C Sujangarh – Deedwana Transmission Line of 30 Km and 2X315 MVA, 400/220 KV grid sub-station at Deedwana and other associated works in Rajasthan. The project was commissioned in December, 2013 and since
then has been in successful operation.

Both the assets are operating at an average availability of more than 99.90% since commercial operations date. These assets were awarded through a Tariff Based Competitive Bidding Process with license period of 25 years, further extendable by 10 years. ATL is developing another transmission line from Suratgarh to Bikaner in Rajasthan, in close proximity to these assets.

Chairman of Adani Group, Mr. Gautam Adani, said “Adani Transmission Ltd. 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 wherein, we are always looking to create value for our stakeholders.”

Adani Transmission Ltd. is the largest power transmission company operating in the private sector in India and owns, operate and maintain around 5,000 circuit kilometers (Ckt Kms) of transmission lines ranging from 400 KV to 765 KV, with a total transformation capacity of more than 12,000 MVA. ATL has four fully operational Transmission Systems that primarily serve the Northern and Western regions of India and is also constructing additional projects of around 1900 Ckt Kms in Rajasthan, Chhattisgarh, Madhya Pradesh, Maharashtra, Jharkhand & Bihar, which was awarded through Tariff Based Competitive Bidding process. With completion of all ongoing projects and completion of this acquisition, the network is expected to increase from around 5000 Ckt Kms to 7300 Ckt Kms & will remain a bellwether as far as private transmission in India is concerned.

– Communication