GMR Infrastructure provides update on subsidiary - GMR Energy

GMR Energy to sell stake in transmission projects to Adani Transmission

GMR Energy, a subsidiary of GMR Infrastructure (GIL), has entered into definitive agreements with Adani Transmission (ATL) wherein GEL has agreed to transfer the interest in its transmission projects - Maru Transmission Services (MTSL) and Aravali Transmission Services (ATSL) to ATL. Currently, 74% stake in MTSL and 49% stake in ATSL shall be transferred to ATL with an option to acquire the balance stakes in both the projects. The consummation of transaction is subject to applicable approvals.

The equity consideration ascribed for the transaction involving both the projects is Rs 100 crore. The total value realizable for GEL could be Rs 220 crore considering this equity consideration and the expected upside of upto Rs 120 crore from regulatory proceeds of various appeals of the assets before the APTEL.

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