Kalpataru Power gains on concluding second tranche disinvestment of Alipurduar Transmission

13 Oct 2022 , 12:10 PM

On 5 July 2020, Kalpataru Power had announced the signing of definitive agreements to sell Alipurduar Transmission to Adani Transmission for a total enterprise value of about Rs 1,286 crore. Alipurduar Transmission (ATL) was set up as part of an inter-state transmission system for strengthening and transferring of power from new hydroelectric power projects in Bhutan to India. The project involved design, financing, construction, commissioning, operation and maintenance of 325 kms of 400 KV transmission line. ATL won this project on BOOM basis through a competitive bidding process from REC Transmission Projects Company (RECTPCL) for a period of 35 years. ATL was a wholly owned subsidiary of Kalpataru Power Transmission (KPTL). The company had informed that the aforementioned stake sale was subject to certain adjustments on account of assets and liabilities at the time of closing of the transaction. The transaction was also subject to requisite approvals and compliances. On 27 November 2020, Kalpataru Power said that it had completed the first tranche of disinvestment, representing approximately 49% of the total equity shares of ATL. The balance approximately 51% of the total equity shares of ATL were to be sold after obtaining requisite regulatory and other approvals,? the company had informed. Announcing updates on the same, Kalpataru Power said that it has completed the sale and transfer of an additional approximately 25% of the total equity shares of ATL held by the company to Adani Transmission. Post such sale, the company has now transferred an aggregate of approximately 74% of the total equity shares of ATL, with an agreement to sell balance approximately 26% to Adani Transmission, after obtaining requisite regulatory and other approvals,? the company added. Kalpataru Power Transmission is a global EPC player with diversified interest in power transmission and distribution, oil and gas pipeline, railways and biomass based power generation. The companys consolidated net profit rose 1.3% to Rs 81 crore on 14.8% jump in net sales to Rs 3,677 crore in Q1 FY23 over Q1 FY22.Powered by Capital Market – Live News