Adani Transmission gets LoI for transmission project in Maharashtra

Adani Transmission received letter of intent for transmission project in Maharashtra on tariff based competitive bidding (TBCB) model.

Dec 14, 2019 10:12 IST capital market

Adani Transmission (ATL) has received the Letter of Intent (LOI) from Maharashtra State Electricity Transmission Company (MSETCL) to build, own, operate and maintain a transmission project in Maharashtra for a period of 35 years. This will be first ever 400 kilovolt (kV) substation facility in the city of Mumbai, the company said in an exchange filing made on Saturday, 14 December 2019.

The project Kharghar Vikhroli Transmission comprises of approximately 34 km of 400 kV and 220 kV transmission lines along with 400kV GIS Substation at Vikhroli in Mumbai.

The project has been awarded to Adani Transmission through tariff based competitive bidding process.

ATL is the transmission business arm of the Adani Group, one of Indias largest business conglomerates. It is the countrys largest private transmission company with a cumulative transmission network of more than 14,340 ckt kms, out of which more than 11,470 ckt kms is operational. This includes around 2,860 ckt kms in various stages of construction.

Shares of ATL ended 1.18% lower at Rs 331.85 on Friday. The scrip has corrected 5.19% from its 52-week high of Rs 350.05 registered on 11 December 2019.

ATL reported 157.5% jump in its consolidated net profit to Rs 230.43 crore on a 85.8% increase in net sales to Rs 2593.40 crore in Q2 September 2019 over Q2 September 2018.

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