Adani Transmission acquires stake in two GMR Energy companies

Picks 74% stake in Maru Transmission, 49% in Aravali Transmission for Rs 100 crore

Adani Transmission Ltd (ATL) on Friday announced signing of definitive agreement with GMR Energy Ltd to acquire 74% stake in Maru Transmission Service Company Ltd (MTSCL) and 49% in Aravali Transmission Service Company Limited (ATSCL) with an option to acquire 100% in future.

According to ATL, the equity value for 100% stake of both the projects is valued at Rs 100 crore. With both the projects being operational in Rajasthan, the assets are operating at an average availability of more than 99.90%.

ATSCL operates a 400 KV S/C Hinduan-Alwar transmission line of 96 km and 2x315 MVA 400/220 KV grid substation at Alwar in Rajasthan, while MTSCL operates a 400 KV S/C Bikaner - Deedwana Transmission Line, which is approximately 129 Km long. MTSCL also operates a 400 KV S/C Ajmer- Deedwana Transmission Line of 106 Km, 220 KV D/C Sujangarh - Deedwana Transmission Line of 30 Km and 2X315 MVA, 400/220 KV grid sub-station at Deedwana and other associated works in Rajasthan.

The assets reportedly carry a debt of Rs 324 crore for GMR Energy.

Commenting on the development, Gautam Adani, Chairman of Adani Group said: "ATL is foreseeing significant growth in the transmission sector and expects to maintain its leadership position in the country.This acquisition is in sync with the long term strategy of ATL wherein, we are always looking to create value for our stakeholders."