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Stock Report
TECHNO announces divestment of stake in Kohima-Mariani Transmission Asset
Posted On : 2021-12-20 17:02:04( TIMEZONE : IST )
Techno Electric & Engineering Company Limited ("TECHNO") and Kalpataru Power Transmission Limited ("KPTL"), a joint venture partner in Kohima-Mariani Transmission Limited ("KMTL"), today successfully completed transfer of 49% stake (26% by TECHNO and 23% by KPTL) in KMTL to Apraava Energy Private Limited (formerly known as CLP India Private Limited).
KMTL is a joint venture between TECHNO and KPTL wherein, TECHNO holding 26% and KPTL 74% equity. TECHNO and KPTL had entered into a binding agreement in July 2019 with Apraava Energy Private Limited to sell their respective stake in KMTL.
KMTL was set-up to implement a transmission system under North Eastern Region Strengthening Scheme (NERSS-VI) on BOOM basis. The Project was won under a competitive bidding process conducted by PFC Consulting Limited (PFCCL). The Project involved design, financing, construction, commissioning, operation and maintenance of new 400/220 KV, 7 x 167 MVA 16 Bay GIS substation at New Kohima, Nagaland along with 254 ckms of 400 KV transmission line.
Ernst & Young (EY) and Khaitan & Co are advisors to TECHNO and KPTL for this transaction.
Commenting on the asset sale, Mr. P. P. Gupta, Managing Director, TECHNO said, "The transfer of stake in KMTL announced today along with earlier divestment of our T&D assets is in line with our strategy and invest in our future growth plans, including expanding our international presence. With the continuing momentum in divestment of long-term assets and non-core businesses, TECHNO remains focused on MH executing its strategy of pursuing growth in targeted core EPC businesses."
Shares of Techno Electric & Engineering Company Limited was last trading in BSE at Rs. 223.65 as compared to the previous close of Rs. 233.95. The total number of shares traded during the day was 12692 in over 684 trades.
The stock hit an intraday high of Rs. 236.90 and intraday low of 222.55. The net turnover during the day was Rs. 2875417.00.
