Adani Transmission Limited (ATL) has signed definitive agreements with Essel Infraprojects Ltd (EIL) for the acquisition of Warora-Kurnool Transmission Limited (WKTL). As per the agreement, WKTL will develop, operate and maintain transmission lines aggregating 1,750 ckt km, Adani Transmission said in a regulatory filing to the stock exchanges. The purchase has taken place at an enterprise valuation of Rs 3,370 crore.
The acquisition is in sync with ATL's strategy to enhance value for its stakeholders through organic and inorganic opportunities. The lender's consent and other necessary regulatory approvals will be obtained prior to closure of the transaction.
With this acquisition, ATL's cumulative network will reach 17,200 circuit km, of which 12,350 ckt km is operational and 4,850 ckt km (including this asset) is in various stages of execution.
Anil Sardana, Managing Director and CEO, Adani Transmission said, "The acquisition of WKTL will bolster ATL's pan-India presence, consolidating further its position as the largest private sector transmission company in India."
On Friday, the shares of Adani Transmission had ended higher by 4.2 per cent as against the 1.1 rise in benchmark indices.