Adani buys transmission assets of Reliance Infrastructure in India
Adani Transmission (ATL) has completed its INR10bn ($150m) acquisition of the transmission assets of Reliance Infrastructure (RInfra) in India.
The acquisition by ATL is said to be in line with its strategy to improve the value for its stakeholders, by organic and inorganic growth means.
RInfra plans to use the entire proceeds from the transaction for reducing its debt.
Through the transaction signed in October 2016, ATL has acquired 100% stake of Western Region Transmission Maharashtra (WRTM) and Western Region Transmission Gujarat (WRTG).
The WRTM transmission project is made up of 2089ckt-km of transmission lines. On the other hand, the WRTG transmission project features 974ckt-km of transmission lines.
With the acquisition, the private power transmission company has taken its operational transmission lines to 8500ckt kms.
Overall, ATL’s cumulative network is set to grow to 11350ckt kms with the added assets. The company’s assets also include 28 substations with over 16,200MVA of transformation capacity across India.