Adani Transmission on Wednesday announced that it has received the Letter of Intent (LoI) for the acquisition of MP Power Transmission Package-II
The Adani Group company said that it won the project through the Tariff-Based Competitive Bidding (TBCB) process and received the letter of intent yesterday, 14 September 2021. The project will strengthen the transmission system in Eastern Madhya Pradesh for MP Power Management Company.As part of the project, Adani Transmission will build, own, operate and maintain the transmission in the state of Madhya Pradesh for a period of 35 years. The project consists of approximately 850 circuit kilometre of transmission lines & air insulated substations of various voltage levels (220kV and 132kV) in 18 Districts of Madhya Pradesh. With a capex of Rs 1,200 crore, the company execution of the project will strengthen the transmission system in Eastern Madhya Pradesh.
Anil Sardana, MD & CEO of Adani Transmission said, As the leader in building power transmission infrastructure in the private sector, we are accelerating our panIndia presence through the competitive bidding process and also setting industry benchmarks in sustainable best practices. This newest project will allow us to contribute significantly to the development of the transmission infrastructure in Madhya Pradesh.
Adani Transmission is the transmission and distribution business arm of the Adani Group, one of India's largest business conglomerates. The company reported 21.9% rise in consolidated net profit to Rs 433 crore in Q1 FY22 from Rs 355 crore in Q1 FY21. Consolidated operational revenue increased 18.1% YoY to Rs 2,499 during Q1 FY22, due to double-digit growth in transmission revenue.
Shares of Adani Transmission ended 0.01% higher at Rs 1,942.55 on BSE.
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