Companies

Adani Transmission concludes GMR deal

Virendra Pandit Ahmedabad | Updated on January 16, 2018 Published on October 07, 2016

Following its announcement on July 1, Adani Transmission (ATL) has completed the acquisition of 74 per cent operational transmission assets (shares) of Maru Transmission Service Company (MTSCL) and 49 per cent shares of Aravali Transmission Service Company (ATSCL).

Stake transfer as per pact

While payment has been made for 100 per cent stake in both companies, the remaining stake in both companies will be transferred to ATL in a manner consistent with the Transmission Service Agreement, the company said here on Friday.

With this, the cumulative network of ATL will reach around 10,900 circuit kilometres (ckt kms), of which nearly 9,000 ckt kms are under operation (including 3,500 ckt kms under process of acquisition) and approximately 1,900 ckt kms under various stages of construction. Recently, the company has successfully concluded two capital market fund-raising programmes – dollar bonds with overwhelming responses from global investors across Asia, US, and London; and rupee-denominated INR offshore bond (Masala bond), ATL said.

Adani Transmission is India’s first private sector player to receive the Global Investment Grade Rating in the power sector.

Published on October 07, 2016
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