Adani Group News: Adani Energy Solutions Ltd, the power transmission unit of the conglomerate run by billionaire Gautam Adani, on Thursday announced the acquisition of Mahan Transmission Ltd, an intra-state transmission project. In a stock exchange filing, the company said it has “executed a Share Purchase Agreement (SPA) with REC Power Development and Consultancy Limited (RECPDCL) for the acquisition of 100 per cent equity shares in Mahan Transmission Limited (MTL)”.
MTL is valued at Rs. 2,200 crore inter-state transport projects.
The scope of the project includes the construction of a substation with a capacity of 2,800 mega volt-amperes (MVA) and construction of 740 circuit kilometers (CKM) of transmission lines, which will take ASL’s transmission network to 26,668 km and a conversion capacity of 89,986 MVA.
The project will be available by April 2027.
Operated by Special Purpose Vehicle (SPV) Mahan Transmission Ltd, the project will transfer 1,230 MW of power from Adani Power’s upcoming 1,600 MW expansion unit at Mahan in Singrauli district of Madhya Pradesh to the state grid. The project is expected to help industrialize MP by ensuring reliable and efficient power transmission.
AESL won the project under the Tariff Based Competitive Tender (TBCB) procedure and REC Power Development and Consultancy Limited (RECPDCL) was the coordinator of the bid process.
This is the seventh order win for AESL this financial year, with its transmission order book standing at Rs. 59,761 crore in the previous year. The acquisition is proposed to further its strategy of increasing its shareholder value through organic and inorganic opportunities, the filing said.
MTL will release 1,230 MW of power from Adani Power’s upcoming 1,600 MW expansion unit at Mahan in Singrauli district to feed into the state grid.
Also Read: Stock Market Rebounds: Sensex Gains Over 300 Points; Nifty Settles Over 23,590
(With Inputs From PTI)