Adani Transmission signs agreement to execute Kharghar Vikhroli Transmission; stock dips 2%

With this project, the cumulative transmission network of ATL will reach more than 14,808 ckt kms of transmission line and more than 27,000 MVA transformation capacity, out of which more than 11,576 ckt kms and more than 18,330 MVA are under steady-state operation.

Jun 29, 2020 12:06 IST India Infoline News Service

Adani Transmission
Adani Transmission Ltd (ATL), India’s largest private sector power transmission company, has signed a Share Purchase Agreement and completed the acquisition of the SPV, Kharghar Vikhroli Transmission Private Limited (KVTPL), incorporated by Maharashtra State Electricity Transmission Company Ltd (MSETCL). ATL had won this project through Tariff Based Competitive Bidding and received the Letter of Intent (LoI) in December 2019. ATL will build, own, operate and maintain the transmission project in the state of Maharashtra for a period of 35 years.

The stock is currently trading at Rs271.95, down by Rs5.65 or 2.04% from its previous closing of Rs277.60 on the BSE.

The project “Kharghar Vikhroli Transmission Private Limited” comprises of approximately 34 km of 400 kV and 220 kV transmission lines along with 1500 MVA 400kV GIS Substation at Vikhroli in Mumbai. This project is critical to the city of Mumbai as the existing capacity of transmission corridor is not sufficient to carry further power into the city. This project would enable additional power to be brought into Mumbai and would thus help in meeting the future demand of the city, Adani Transmission said in the filing.

With this project, the cumulative transmission network of ATL will reach more than 14,808 ckt kms of transmission line and more than 27,000 MVA transformation capacity, out of which more than 11,576 ckt kms and more than 18,330 MVA are under steady state operation. ATL also operates an integrated GTD business serving more than 3 million customers in Mumbai, Adani Transmission added.

Anil Sardana, MD & CEO, Adani Transmission Ltd said, “With the signing of the Share Purchase Agreement for Kharghar Vikhroli Transmission Private Limited for execution of transmission project in the state of Maharashtra, ATL’s position as the largest private sector transmission company operating in India is consolidated further. The win also takes the Company closer to its target of setting up 20,000 ckt km of transmission lines by 2022.”

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