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The acquisition of KEC Bikaner Sikar Transmission will bring the cumulative Adani Transmission network to approximately 12,923 km / km. Photo: Reuters
New Delhi: Adani Transmission Power Plant (India) Ltd. signed an agreement for the acquisition of an entire stake in KEC's energy transmission arm International Ltd, based in Rajasthan, for 227.5 million crore. "We wish to inform that the company has signed an agreement of purchase of shares with KEC International. Ltd. on November 3, 2018 for the acquisition of all of its stake in KEC Bikaner Sikar Transmission Pvt. Ltd ", said Adani Transmission in a regulatory document.
The KEC Bikaner Sikar Transmission Pvt. Ltd. (KBSTPL) includes 400 KV D / C Bikaner -Sikar Line of 344 kilometers of track.The project was awarded to the company through competitive prices and was put into operation in December 2017.
Adani Transmission stated that the cost of acquiring KBSTPL shares was worth enterprise value of 22.5 billion rand subject to customary adjustments at closing.
The Company has signed an agreement for the acquisition of "all of KEC International's shares representing 99.99% of the total issued, paid-up and subscribed shares, as well as preferred shares representing 100% of the total capital of the shares issued, released and subscribed from KBSTPL ".
The acquisition will bring the combined network of the company to approximately 12,923 km of circuits (ckt), of which approximately 10,357 km of km are in operation and 2,566 km of km. km 2 under various stages of construction
The sale is subject to the approval of Rajasthan Rajya Vidyut Prasaran Nigam Ltd. and, according to the note of KEC International, should be finalized by the end of the year. Current year.
On Friday, Adani Transmission shares rose 0.54% to 178.10 ₹ each, while shares of KEC International gained 3.54% to 305.6 ₹ on ESB The Senbad benchmark gained 1.68% to close the day at 35,011.65 points
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