Adani Transmission Ltd (ATL), India's largest private sector power transmission company and part of the diversified Adani Group, has received the Letter of Intent (LoI) for the acquisition of MP Power Transmission Package-II Limited, incorporated by REC Power Development and Consultancy Ltd.
ATL won the project through the Tariff-Based Competitive Bidding (TBCB) process and received the LoI on 14 September 2021. ATL will build, own, operate and maintain the transmission project in the state of Madhya Pradesh for a period of 35 years.
The project, 'MP Power Transmission Package-II Limited', consists of approximately 850 ckt km 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 Cr, ATL's execution of the project will strengthen the transmission system in Eastern Madhya Pradesh.
Mr. Anil Sardana, MD & CEO, Adani Transmission Ltd 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."
Winning this project consolidates ATL's position as India's largest operating private power transmission company and takes it closer to its target of setting up 20,000 ckt km of transmission lines by 2022. The project will also allow the company to assist in growing measure the Government of India's quest to achieve Power For All by 2022.
Shares of Adani Transmission Limited was last trading in BSE at Rs. 1942.55 as compared to the previous close of Rs. 1942.4. The total number of shares traded during the day was 12659 in over 1501 trades.
The stock hit an intraday high of Rs. 1990 and intraday low of 1911.85. The net turnover during the day was Rs. 24879529.