Adani Transmission spurts 4% on acquiring 49% stake in Alipurduar Transmission from Kalpataru Power for Rs1,300cr

Amid 49% stake acquisition, Adani and Kalpataru have also agreed on the acquisition of balance 51% by Adani.

Nov 27, 2020 07:11 IST India Infoline News Service

Adani Transmission
Adani Group's power transmission company, Adani Transmission on Friday acquires 49% stake in Alipurduar Transmission from Kalpataru Power Transmission. The transaction was carried at an enterprise value of Rs1,300cr.

At around 1.18 pm, Adani Transmission was trading at Rs378 per piece up 3.68%. The stock has gained to an intraday high of Rs390.85 per piece.

Meanwhile, Kalpataru was trading at Rs322.95 per piece up 2.13% after touching an intraday high of Rs323 per piece on Sensex.

Amid 49% stake acquisition, Adani and Kalpataru have also agreed on the acquisition of balance 51% by Adani after obtaining requisite regulatory and other approvals and in a manner consistent with Transmission Service Agreement.

Both the power transmission companies entered into a definitive agreement in July 2020.

In its regulatory filing, Adani Transmission said the acquisition is in sync with ATL's strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities. With this acquisition, the cumulative network of ATL will reach more than 15,400 ckt km, out of which more than 12,200 ckt km (including this asset) is operational and more than 3,200 ckt km is under various stages of execution.

Alipurduar Transmission operates transmission lines aggregating to around 650 ckt km in West Bengal and Bihar. 

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