New Delhi: Kalpataru Power Transmission (KPTL) Wednesday said it has entered into binding agreements with Canada's institutional fund manager CDPQ's arm CLP India to sell its stake in 3 power transmission assets for an estimated enterprise value of Rs 3,275 crore.
The company is selling stake in Kalpataru Satpura Transco Pvt Ltd (KSTPL), Alipurduar Transmission Ltd (ATL) and Kohima Mariani Transmission Ltd (KMTL) (referred jointly as SPVs), Kalpataru Power Transmission said in a BSE filing.
"As a part of this deal, the transaction for ATL and KMTL will be effective post commercial operation date (COD) and fulfilment of certain conditions," the company added.
Techno Electric & Engineering Company Ltd (Techno) owns 26 per cent stake in KMTL.
"The sale of assets will lead to a significant reduction in KPTL's consolidated debt and will help focus on strategic diversification within core business. KPTL will continue to focus on sustainable and profitable growth with commitment to improve return ratios," Kalpataru Power Transmission Managing Director and CEO Manish Mohnot said.