Adani Transmission to buy RInfra’s western assets for Rs 1,000 cr
Adani Transmission has entered into a definitive share-purchase pact with Reliance Infrastructure for acquiring power transmission assets of 3,100 circuit km at an enterprise value of Rs 1,000 crore.
“Further to announcement on October 5, 2016, Adani Transmission Ltd executes the definitive document, i.e. the share purchase agreement (SPA) with Reliance Infrastructure Limited(R-Infra) for 100 per cent acquisition of Western Region System Strengthening Scheme (WRSSS) transmission assets of approximate 3100 Ckt Km,” Adani Transmission said in a statement.
The enterprise value of WRSSS transmission business is Rs 1,000 crore, the statement said, adding the transaction is subject to various regulatory and applicable statutory approvals, including from the Competition Commission of India. It said that transmission network of Adani Transmission set to reach 10350 Ckt km on completion of acquisition of R-Infra’s WRSSS transmission assets.
Adani Transmission (ATL) has grown its wings in transmission sector with a commitment to maintaining its important position in the country’s sector, the company said.
With this acquisition, ATL will enjoy substantial benefit of scale driving and is in sync with the deep-rooted strategy of ATL to enhance the value for the stakeholders through both organic as well as inorganic growth. .