Adani Transmission completes acquisition of GMR's transmission assets

Now, Adani Transmission's cumulative network will reach 10,900 circuit km, out of which 9,000 circuit km are under operation

Adani Transmission on Friday said it has completed the acquisition of the GMR Energy transmission assets, which it bought in July this year.

"Adani Transmission completed the acquisition of 74 per cent shares of Maru Transmission Service Company and 49 per cent shares of Aravali Transmission Service Company. While payment has been made for 100 per cent stake in both the companies, the remaining stake in both the companies will be transferred to Adani Transmission in a manner consistent with the Transmission Service Agreement," the company said in its statement to the BSE. 

With the completion of this acquisition, Adani Transmission's cumulative network will reach 10,900 circuit km, out of which 9,000 circuit km are under operation. 

"This acquisition is in sync with Adani Transmission's strategy to enhance the value for its stakeholders, through organic as well as inorganic growth," the company said in its statement. 

The scale of operations will help the company to enjoy the benefit of scale driving in terms of cost optimisation and shared resources, the company added. 

Early this week, Adani Transmission also signed a deal with Reliance Infrastructure for a 100 per cent stake purchase of three of its transmission assets for a value of Rs 2000 crore. 

On 1 July, Adani Transmission had agreed to buy the two assets from GMR Energy valued at Rs 100 crore for the 100% stake on both the projects, the company had earlier said. For GMR Energy, completion of the deal will further help to clean its books and the deal is in line with its strategy to move towards an asset light model. The assets reportedly carried a debt of Rs 324 crore for GMR Energy.