Adani Transmission Shares Jump On Acquisition

Shares in Adani Transmission were trending higher after the company announced definitive agreements with Essel Infraprojects. The stock was up 3.175 at Rs 898 per share.

"We would like to inform that the Company (ATL) has signed definitive agreements with Essel Infraprojects Limited (EIL) on 26th March, 2021 for acquisition of Warora-Kurnool Transmission Ltd. ("WKTL"). As per the agreement, WKTL will develop, operate, and maintain transmission lines aggregating to ~1,750 ckt km. The two significant, 765 kV inter-state transmission lines link Warora to Warangal and Chilakaluripeta to Kurnool via Hyderabad, with a new 765/400 kV sub-station at Warangal, which shall be built & operated as a part of the agreement.

The project was awarded through competitive bidding process on a build, own, operate, maintain basis and has a concession life of 35 years. The agreement has been signed post consent by CERC for substitution of original awardee in the contract by ATL, for 100% of equity holding in WKTL," the company said in a release to the exchanges.