Mumbai: Kalpataru Power Transmission Limited (KPTL) announced on Monday that it has signed definitive agreements to sell Alipurduar Transmission Limited (ATL) to Adani Transmission Limited for a total enterprise value (EV) of about Rs 1,286 crore.
The estimated EV is subject to certain adjustments on account of assets and liabilities at the time of closing of the transaction, KPTL said in a regulatory filing.
The transaction is also subject to requisite approvals and compliances.
ATL, a wholly owned subsidiary of KPTL, 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 designing, financing, construction, commissioning, operation and maintenance of 325 km of 400 KV transmission line.
Commenting on the asset sale, Manish Mohnot, Managing Director & CEO, KPTL said: “The sale of T&D assets is testament of our ability to build, operate and sell in a time- bound manner. We now have agreements in place for all our T&D assets, i.e., ATL, Kohima and Jhajjar transmission assets.”
He noted that in FY19-20, the company had already completed sale and transfer of the Satpura transmission asset.
“We are now targeting to complete the sale and transfer of all balance T&D assets in FY20-21. The sale of T&D assets is a pivotal step in accelerating KPTL’s growth strategy in the global EPC market and a major step towards enhancing shareholder value,” the CEO said.
