KEC International Ltd (KEC) on Friday announced completion of the sale of its 99.99 per cent stake in KEC Bikaner Sikar Transmission Private Limited (KECBSTPL) to Adani Transmission Ltd. (ATL) at an Enterprise Value of around ₹227 crore. The deal was initially announced in November, 2018, and has been subject to regulatory approvals which were finally received.
The assets divested by KEC to Adani Trasmission is an operational transmission line of 344 circuit km in Rajasthan — from Bikaner to Sikar. The project was awarded through competitive bidding process and was completed almost four months ahead of schedule by KEC, the company noted. The line was commissioned in December, 2017.
“Our decision to sell our stake in KECBSTPL is in line with our asset-light model of operations and our strategy to focus on the core EPC business,” Vimal Kejriwal, MD & CEO, KEC International Ltd noted.