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Adani Transmission acquires 100% equity in Ghatampur SPV

Adani Transmission acquires 100% equity in Ghatampur SPV


PTI India
Updated: 20-06-2018 18:51 IST
Adani Transmission acquires 100% equity in Ghatampur SPV

After this acquisition, GTL has become a wholly-owned subsidiary of the company. (Image Credit: Twitter)

Adani Transmission said that it has acquired 100 per cent equity in share capital of Ghatampur Transmission Ltd (GTL) yesterday, which will set up 900 circuit Km transmission line to primarily evacuate power from 3X660MW Ghatampur Thermal Power Project.

"The company has acquired 100 per cent equity share capital of GTL from REC Transmission Projects Company Ltd (RECTPCL) on June 19, 2018," Adani Transmission said in a BSE filing.

According to statement the GTL a special purpose vehicle was incorporated in December 2016 by the RECTPCL to establish transmission system for evacuation of power from 3X660MW Ghatampur thermal power project.

The project has approximately 900 ckt kms of line at voltage levels of 765 KV and 400 KV. The company has acquired it from the RECTPCL pursuant to tariff based competitive bidding process carried out by the RECTPCL.

After this acquisition, GTL has become a wholly-owned subsidiary of the company.

Earlier this month, the company operating in India has received the LoI (letter of intent) from the RECTPCL to build, own, operate and maintain the transmission project in Uttar Pradesh.

With this win, the cumulative transmission network of Adani Transmission will reach around 12,500 ckt kms, out of which approximately 9,000 ckt kms are under operation. This is the first win for Adani Transmission in Uttar Pradesh.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : India

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